USD/CAD is still moving within a bearish trend. Therefore, remain focused on waiting for opportunities for a short signal.

Hi fellow traders! USD/CAD appears to have weakened again in yesterday's (March 28th) trading session. Although there is no definite long-term trend, the recent downward trend has made the short-term trend of USD/CAD bearish. Therefore, the short option will still be the main scenario for trading now.



Analysis and Recommendation

Let's take a look at the following USD/CAD H1 chart below: 

usdcad 2

From the H1 chart above, it has been pointed out that USD/CAD is still trying to continue its decline. This pair is currently moving in the demand zone of 1.3575 - 1.3545. A stronger bearish momentum is expected when the price successfully breaks through this zone. Here is the trading scenario that can be prepared:

  • Therefore, set a short position at 1.3545 when a significant breakout signal confirms it.  Stop loss may be positioned at 1.3575, while the profit target is at 1.3475.

Keep in mind to always use risk and money management before trading! In addition, to make use of trailing stops, don't forget to exit the market as soon as you find a reversal signal!

USD/CAD key levels:

  • Resistance: 1.3670, 1.3643
  • Support: 1.3575, 1.3545, 1.3475, 1.3436