USD/CAD - 1H - Technical analysis published on 05/17/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
6%
67%
28%
My opinion
Bearish under 1.3634 CAD
My targets
1.3594 CAD (-0.0020)
1.3525 CAD (-0.0089)
My analysis
USD/CAD is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 1.3634 CAD. The next support located at 1.3594 CAD is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 1.3525 CAD. Below this support, sellers could then target 1.3453 CAD. With the current pattern, you will need to monitor for possible bearish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
Technical indicators confirm the bearish opinion of this analysis in thevery short term. However, be careful of excessive bearish movements. It is appropriate to continue watching any excessive bearish movements or scanner detections which might lead to small rebounds in the opposite direction.
Force
0
10
7.7
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This analysis was given by dtaccori. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
USD/CAD rating 1.3614 CAD. The price registered a decrease of -0.01% on the session and was between 1.3601 CAD and 1.3644 CAD. This implies that the price is at +0.10% from its lowest and at -0.22% from its highest.1.3601
1.3644
1.3614
A study of price movements over other periods shows the following variations:
Near a new LOW record (1 year)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
A technical analysis in 1H of this USD/CAD chart shows a sharp bearish trend. 89.29% of the signals given by moving averages are bearish. This strongly bearish trend is supported by the strong bearish signals given by short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
The probability of a further decline is moderate given the direction of the technical indicators.
Central Indicators, the detector scanner for these technical indicators has recently detected several signals:
MACD indicator is back under 0
Type : Bearish
Timeframe : 1 hour
Price is back under the pivot point
Type : Bearish
Timeframe : 1 hour
An analysis of the price chart with the Central Patterns scanner (detector of chart patterns and resistances and supports) shows a result that can have an impact on the price change:
Near support of channel
Type : Bullish
Timeframe : 1 hour
There is also a Japanese candlestick pattern detected by Central Candlesticks that could mark the end of the current short-term trend:
Doji
Type : Neutral
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 1.3525 | 1.3594 | 1.3607 | 1.3614 | 1.3634 | 1.3661 | 1.3686 |
| Change (%) | -0.65% | -0.15% | -0.05% | - | +0.15% | +0.35% | +0.53% |
| Change | -0.0089 | -0.0020 | -0.0007 | - | +0.0020 | +0.0047 | +0.0072 |
| Level | Minor | Major | Minor | - | Intermediate | Minor | Major |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.3539 | 1.3564 | 1.3590 | 1.3615 | 1.3641 | 1.3666 | 1.3692 |
| Camarilla | 1.3601 | 1.3606 | 1.3610 | 1.3615 | 1.3620 | 1.3624 | 1.3629 |
| Woodie | 1.3539 | 1.3564 | 1.3590 | 1.3615 | 1.3641 | 1.3666 | 1.3692 |
| Fibonacci | 1.3564 | 1.3584 | 1.3596 | 1.3615 | 1.3635 | 1.3647 | 1.3666 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.3487 | 1.3561 | 1.3616 | 1.3690 | 1.3745 | 1.3819 | 1.3874 |
| Camarilla | 1.3637 | 1.3648 | 1.3660 | 1.3672 | 1.3684 | 1.3696 | 1.3708 |
| Woodie | 1.3479 | 1.3556 | 1.3608 | 1.3685 | 1.3737 | 1.3814 | 1.3866 |
| Fibonacci | 1.3561 | 1.3610 | 1.3640 | 1.3690 | 1.3739 | 1.3769 | 1.3819 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.3187 | 1.3333 | 1.3555 | 1.3701 | 1.3923 | 1.4069 | 1.4291 |
| Camarilla | 1.3677 | 1.3711 | 1.3744 | 1.3778 | 1.3812 | 1.3846 | 1.3879 |
| Woodie | 1.3226 | 1.3352 | 1.3594 | 1.3720 | 1.3962 | 1.4088 | 1.4330 |
| Fibonacci | 1.3333 | 1.3473 | 1.3560 | 1.3701 | 1.3841 | 1.3928 | 1.4069 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 45.37 | |
| MACD (12,26,9): | 0.0000 | |
| Directional Movement: | -11.3922 | |
| AROON (14): | -28.5714 | |
| DEMA (21): | 1.3624 | |
| Parabolic SAR (0,02-0,02-0,2): | 1.3639 | |
| Elder Ray (13): | -0.0009 | |
| Super Trend (3,10): | 1.3645 | |
| Zig ZAG (10): | 1.3615 | |
| VORTEX (21): | 0.9811 | |
| Stochastique (14,3,5): | 24.07 | |
| TEMA (21): | 1.3623 | |
| Williams %R (14): | -67.44 | |
| Chande Momentum Oscillator (20): | -0.0011 | |
| Repulse (5,40,3): | -0.0268 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | 0.0022 | |
| Courbe Coppock: | 0.01 |
| MA7: | 1.3642 | |
| MA20: | 1.3677 | |
| MA50: | 1.3631 | |
| MA100: | 1.3547 | |
| MAexp7: | 1.3620 | |
| MAexp20: | 1.3623 | |
| MAexp50: | 1.3625 | |
| MAexp100: | 1.3636 | |
| Price / MA7: | -0.21% | |
| Price / MA20: | -0.46% | |
| Price / MA50: | -0.12% | |
| Price / MA100: | +0.49% | |
| Price / MAexp7: | -0.04% | |
| Price / MAexp20: | -0.07% | |
| Price / MAexp50: | -0.08% | |
| Price / MAexp100: | -0.16% |
Quotes :
-
Real time data
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Forex
News
The latest news and videos published on USD/CAD at the time of the analysis were as follows:
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USD/CAD Forecast May 17, 2024
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Trade of the Week: Time to go long USDCAD?
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USD/CAD Forecast May 8, 2024
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USD/CAD Forecast May 2, 2024
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USD/CAD Forecast April 10, 2024
This member declared not having a position on this financial instrument or a related financial instrument.
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