Technical analysis
The price is currently in a downtrend, please see the chart marks and the technical explanation below.
30-minute chart
On the 30-minute chart, USD/CAD is currently in a downtrend. The price is below the 200-period moving average, and the relative strength index (RSI) is below 50. This suggests that momentum is to the downside.
4-hour chart
On the 4-hour chart, USD/CAD is also in a downtrend. The price is below the 200-period moving average, and the RSI is below 50. This suggests that momentum is to the downside on this timeframe as well.
Daily chart
On the daily chart, USD/CAD is in a consolidation phase. The price is between the 50-period and 200-period moving averages, and the RSI is around 50. This suggests that there is no clear direction for the price on this timeframe.
Conclusion
Overall, USD/CAD is in a downtrend on the 30-minute and 4-hour charts, but in a consolidation phase on the daily chart. This suggests that the price is likely to continue to move lower in the short term, but there is no clear direction for the price on the longer term.
The price is currently in a downtrend, please see the chart marks and the technical explanation below.
30-minute chart
On the 30-minute chart, USD/CAD is currently in a downtrend. The price is below the 200-period moving average, and the relative strength index (RSI) is below 50. This suggests that momentum is to the downside.
4-hour chart
On the 4-hour chart, USD/CAD is also in a downtrend. The price is below the 200-period moving average, and the RSI is below 50. This suggests that momentum is to the downside on this timeframe as well.
Daily chart
On the daily chart, USD/CAD is in a consolidation phase. The price is between the 50-period and 200-period moving averages, and the RSI is around 50. This suggests that there is no clear direction for the price on this timeframe.
Conclusion
Overall, USD/CAD is in a downtrend on the 30-minute and 4-hour charts, but in a consolidation phase on the daily chart. This suggests that the price is likely to continue to move lower in the short term, but there is no clear direction for the price on the longer term.
I hope this was helpful.
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
