- February 20, 2023
- Category: Market News
USD/CAD Exchange Rate Declines as Bearish Sentiment Takes Hold
The USD/CAD pair is a popular currency pair, particularly for traders who focus on commodity-based currencies like the Canadian dollar. The exchange rate between the USD and CAD is influenced by a variety of factors, including economic data releases, central bank policies, geopolitical events, and commodity prices.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The USD/CAD price has been moving within a narrow trading range recently, indicating a lack of clear direction in the market. However, currently, the price line is reacting to the resistance zone, suggesting that buyers are finding it difficult to push the price higher. Moreover, the bullish trend line has been broken, which is a bearish signal. As a result, the market is expected to experience a descending wave, with the price likely to head towards the next support level. Traders should closely monitor the market and consider taking bearish positions, keeping in mind that the price could potentially experience some volatility along the way.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.