USDCAD: Best sell signal since March.

٦ سبتمبر ٢٠٢٣

USDCAD is trading inside a Channel Down pattern that has almost completed 11 months of trend. The technicals on the 1D time-frame are overbought (RSI = 70.266, MACD = 0.007, ADX = 57.395) and that enhances the sell sentiment as the price approaches the top of the Channel Down.

The previous LH was priced a little over the 0.786 Fibonacci level. The formation of a Bearish MA50/100 Cross was after the top was in and technically we are only a week away from the new formation.

Consequently, we treat this as a sell opportunity, waiting to sell on the 0.786 Fibonacci, targeting the 0.118 (TP = 1.32000) as the April 14th low.

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