USDCAD - 6 May, DXY down, interest rate pressure down

6 Mei

USDCAD trend forecast MAY 6 , 2025


💬The USD/CAD pair slips back from recent highs, hovering near 1.3820 in early European trading on Tuesday, as technical signals point to persistent bearish undertones. The pair remains confined within a descending channel on the daily chart, reinforcing a downward trajectory.

The 14-day Relative Strength Index (RSI) lingers slightly above the 30 mark, suggesting ongoing selling pressure without yet signaling oversold conditions. Meanwhile, price action below the nine-day Exponential Moving Average (EMA) underscores faltering short-term momentum. A decisive move is still needed to validate the next directional bias.

To the downside, key support lies at the psychological level of 1.3800, with a deeper slide potentially exposing the seven-month trough at 1.3760—just shy of the channel’s lower limit near 1.3750.

💬 USDCAD mainly accumulates and moves sideways with a small amplitude. Expectations of interest rate cuts tomorrow cause DXY to weaken and USDCAD to decrease in price.

🥇/// SELL USDCAD: zone 1.38240 - 1.38400

SL: 1.38640

TP: 40 - 60 - 100pips ( 1.37400 )


Safe and profitable trading

6 Mei

Dagangan aktif

+ 35 pips , signal SELL USDCAD ( 1.38240 - 1.38400 )