USD/CAD: Short-Term Buy
USD/CAD, 4-Hour Chart Analysis
The pair has been declining since it reached the 1.38 level following our recommendation. The declining short-term trend has carried USD/CAD back below the 1.35 level, and it’s now close to the key support near 1.34. The advancing long-term trend channel is still intact and the lower boundary should provide support in the coming days.
The MACD indicator shows deeply oversold levels, and that could boost a coming bounce. The 1.3570 level is a good initial target for the move, with the 1.3650 level ahead as resistance as well. The initial stop-loss order could be placed just below the 1.3375 level.