USDCAD Short Setup – Potential Top Formation & Seasonal Weakness

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Technical: USDCAD has stalled in recent weeks, signaling a potential topping pattern. A recent break of the short-term trend suggests a deeper correction may follow. Key resistance is at 1.4355, offering a favourable risk-reward short opportunity.

Fundamental: The U.S. dollar remains weak, with commercial participants showing little interest in buying. Meanwhile, the Canadian dollar is seeing increased accumulation, indicating a potential shift in momentum.

Seasonal: Historically, from March 24 – April 30, USDCAD has declined 76.2% of the time over the past 21 years, with an average drop of 1.30%.

Trade Idea:

  • Sell: 1.4355
  • Stop Loss: 1.4551
  • Target: 1.3948


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