The US Dollar continues to lose value against the Canadian Dollar. However, the short term descending channel, which was pinpointed not long ago, was broken. Instead a larger scale pattern has shown itself. It represents the rates medium term decline, which is set to reach the lower trend line of a large scale ascending channel pattern. However, before that the pair is set to face first the support of the 50.00% Fibonacci retracement level of the 2016 low and high levels. Afterwards, the 200-period SMA is set to provide support to the rate. Due to that it can be expected that a very short termed surge will take place first, before the currency exchange rate continues the decline.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 1.3776 | Weekly R1 | MACD (12; 26; 9) | Sell | Buy | Buy | ||
| R3 | 1.3697/3710 | Trend line; weekly PP | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 1.3649/71 | Weekly S1; 55 and 100-period SMAs | Stochastic (5; 3; 3) | Sell | Neutral | Sell | ||
| R1 | 1.3575/83 | 50.00% Fibo; weekly S2 | ADX (14) | Neutral | Neutral | Neutral | ||
| S1 | 1.3558 | Trend line | CCI (14) | Buy | Buy | Neutral | ||
| S2 | 1.3540 | 200-period SMA | AROON (14) | Buy | Buy | Buy | ||
| S3 | 1.3527/23 | Monthly PP; weekly S3 | Alligator (13; 8; 5) | Sell | Buy | Buy | ||
| S4 | 1.3365/56 | Trend line; monthly S1 | SAR (0.02; 0.2) | Sell | Sell | Buy | ||
| Aggregate | ↘ | ↗ | ↗ |