USD/CAD Long-Term Analysis: Bearish
USD/CAD is in a downtrend as consumers recoup to renew uptrend. The foreign money pair has confronted two rejections because it resumed downward. On December 20, there was a false breakout above degree 1.2850 overhead resistance. The pair reached a excessive of 1.2950 and plunged under the overhead resistance. USD/CAD reached the low of 1.2650 and corrected upward. The upward correction was repelled at degree 1.2800. Today, the market is declining to the draw back. The pair is more likely to revisit the earlier low at degree 1.2650. When this degree is breached, the downtrend will resume.
USD/CAD Indicator Analysis
USD/CAD is at degree 47 of the Relative Strength Index interval 14. The pair is within the downtrend zone and under the centerline 50. The value bars are under the shifting averages indicating that the market will decline to the draw back. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. The foreign money pair is under the 20% vary of the each day stochastic. It has reached the oversold area of the market.
USD/CD – Daily Chart
Technical indicators:
Major Resistance Levels – 1.3300, 1.3400, 1.3500
Major Support Levels – 1.2300, 1.2200, 1.2100
What Is the Next Direction for USD/CAD?
The pair has fallen to degree 1.2711 as consumers recoup to renew uptrend . USD/CAD has reached the oversold area of the market. There are bullish candlesticks as value reaches the oversold area of the market. Buyers are more likely to emerge to push costs upward. The pair is hovering above degree 1.2700 assist.
USD/CAD – 4 Hour Chart
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