FX.co - USD/CAD analysis for February 06 2023 - Potential for the downside rotation

2023-02-06T08:19:34

Relevance until2023-02-07

Technical analysis:

USD/CAD analysis for February 06 2023 - Potential for the downside rotation

USD/CAD has been trading sideways this morning at the price of 1.3413. I see potential for the downside breakout and downside rotation today.

Trading recommendation:

I found the resistance at the price of 1.3420 and there is the chance for the lower price towards downside objectives.

Watch for the potential selling opportunities with the downside objectives at 1.3345 and 1.3266.

MACD oscillator is showing bearish divergence, which is sign that upside is limited.

Resistance is set at the price of 1.3420

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/CAD analysis for February 06 2023 - Potential for the downside rotation