USDCAD Technical Analysis: Bearish Signals Put 1.4150 Support in Focus

USDCAD fell from a high level

On Tuesday, USDCAD fell from a high level, and came close to the 1.420 mark. It ended down 0.46% at 1.4216.

Canada employment change decreased in September

Canada employment change (September) decreased from -41700 to -68300 Vs. 9200 (forecast), according to the data from the Statistics Canada.

The USDX decreased from a high level

On Tuesday, the USDX decreased from an 18-month high. It ended down 0.37% at 102.20.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, USDCAD fell from a high level. The bearish market trend prevailed in the short term. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether USDCAD will break through the support at 1.415. It will decline with potential support at 1.410 if it breaks below 1.415.

4-hour chart

On the 4-hour chart, USDCAD was prone to fluctuation and dipped. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether USDCAD will break through the resistance at 1.424. It will fall if it rebounds but is capped at 1.424.

Key resistance: 1.424,1.429

Key support: 1.415,1.410

Generally speaking, the bearish market trend prevailed in the short term. Investors could sell as USDCAD rebounds during the day.