Macro Technical Analysis of the USD/CAD – Quarterly ChartLet’s take a look at the USD/CAD quarterly (3-Month) chart.
Things are looking quite bearish for the coming months as price begins to get squeezed inside the ascending triangle.
The bulls have tried multiple times breaking and clearing the 1.4500 price zone but has been met with a strong resistance each time. Considering that the MACD and RSI are diverging to the downside along with this triple resistance, it wouldn’t be a surprise to see the USD/CAD trading lower towards 1.3000 in the coming quarters.
Considering this is a long term outlook, price can still fluctuate between 1.3500 and 1.4000ish but based on the current set-up, as of now, the view remains bearish especially with the U.S. Dollar under pressure across the board.
A clear break & close above 1.4500 invalidates this view.
Good Luck & Trade Safe
