USD/CAD Price Analysis: Moving lower within channel

USD/CAD is moving lower within an ascending channel after almost touching the highs.
The MACD has crossed its signal line, giving a sell signal.
Heavy support lies at 1.3500 from a confluence of major moving averages.

Joaquin Monfort FXStreet

USD/CAD is in a steady short-term uptrend, with the exchange rate rising within an ascending channel.

The pair recently reached the vicinity of the upper borderline of the channel before rolling over and beginning a decline. Its descent continues.

US Dollar to Canadian Dollar: 4-hour chart

The reversal lower is supported by a bearish crossover of the Moving Average Convergence/ Divergence (MACD) indicator, providing a corresponding sell signal (circled). The MACD is especially reliable at marking turns within a range or channeling market environment.

Despite the strength of the latest up leg and the overall bullish bias, price is moving lower as bears take over.

US Dollar to Canadian Dollar: Daily chart

It is quite possible USD/CAD will continue falling to a confluence of two major moving averages – the 50-day and 100-day Simple Moving Averages (SMA) situated at around 1.3500.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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