The USDCAD chart reveals a cyclical price action—sharp multi-day rallies alternate with steep sell-offs, and vice versa. Since April 9, prices have dropped another 2,800 pips, and today, April 11, they reached the 1.39400 level, which has acted as both support and resistance since August 2024. Given this cyclical behavior, prices are likely to rebound near the level of 1.39400, and recover about half its losses, eyeing 1.41000.
The price has also dropped to the 200-day simple moving average. Historically, the currency pair has traded above this moving average, so it could now act as a support level.
The daily RSI is at 30, nearing oversold territory, which suggests investors may soon start buying the asset.
British Columbia—Canada’s third-most populous province—has ordered its agencies and state-run corporations to cut ties with US suppliers, escalating its retaliation against President Donald Trump’s tariffs and threats. The provincial government has directed ministries, health authorities, and major public-sector organizations to review all contracts with American companies, stop working with them if possible, cancel subscriptions to US publications and non-essential software, avoid unnecessary travel to the US, suspend memberships in American associations, and develop strategies to reduce reliance on US firms. British Columbia Premier David Eby said such a transition wouldn’t come with major additional costs but acknowledged it would be challenging to find alternatives to embedded technology providers like Amazon.com Inc. and Microsoft Corp.
Trading strategy suggestion: buy at the current price, with Take profit at 1.41000, and Stop loss at 1.38200.
This content is for informational purposes only and is not intended to be investing advice.
