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USDCAD Forex Outlook - April 23

USDCAD Forex Pair Near Short-term Inflection Point
USDCAD Forex Pair Near Short-term Inflection Point

The USDCAD forex pair is up a marginal 0.0345% today, to 1.1031. In the last outlook on March 27 the expectation was for more downside as the price continued to drop into early April.

Mid-April saw the forex pair bounce off a 1.0858 low, but over the last week the price has done almost nothing.

1.1050 is likely to pose resistance for the April advance, although a move above that signals we are in a large range and the price could continue to rally toward 1.12.

A drop below the short-term trendline currently intersecting at 1.10 indicates more selling pressure is likely to commence with a target price below 1.0850.

The chart shows these levels and the expected direction if we advance through support or resistance in the USDCAD forex pair.

The USDCAD chart also shows the price in an expanding range since late January. That means that while short-term trends may develop, the medium-term trend (next month or two) is in question. The longer-term trend is still up.

While the USDCAD isn't moving aggressively at the moment, it has been more volatile as of late, and some other pairs are also moving well, such as Australian dollar pairs. The free Euro Eclipse forex webinar discusses opportunities and an action plan for taking advantage of significant developing trades in the forex market.

Cory Mitchell, CMT

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