Technical analysis on the USD/CAD pair for March, 26
Now we are seeing on the chart that the pair has developed from the previously reached peaks and is directed downwards. The rise in oil prices helps the Canadian dollar, so the pair confidently approached our Moving Averages and soon may be fixed below the MA (21), indicating a sale.
The dollar index shows a decline and we observe that after the losses of last week, it still cannot confidently hold above the 96.00 mark.
The MACD has gone out of the histogram and is now putting pressure on the price, pointing to the strengthening of the downward movement.
We believe that the price will continue to decline due to a number of fundamental factors, and we advise you to take short positions on the pair. We recommend setting your take-profit near the 1.3355, 1.3335, and 1.3285 marks.