USD/CAD Long-Term Analysis: Bearish
USD/CAD is in a downward transfer however in a sideways pattern as it might resume an uptrend. The foreign money pair has been declining from the excessive of degree 1.2947 to the low of degree 1.2520. The pair seems to have reached bearish exhaustion. Meanwhile, on January 3 downtrend, a retraced candle physique examined the 78.6% Fibonacci retracement degree. The retracement signifies that the pair will fall to degree 1.272 Fibonacci extension or degree 1.2535.
USD/CAD Indicator Analysis
USD/CAD is at degree 39 of the Relative Strength Index interval 14. The pair is within the downtrend zone and beneath the centerline 50. The 21-day SMA and the 50-day SMA are sloping in a sideways transfer indicating the range-bound transfer. When the worth bars are above the transferring averages the foreign money pair will resume up trending. USD/CAD is above the 80% vary of the every day stochastic. The market has reached the overbought area. The pair could decline.
USD/CAD – Daily Chart
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?
USD/CAD is in a downward transfer as worth reaches the low of 1.2480 however it might resume an uptrend. Meanwhile, on January 2 downtrend, a retraced candle physique examined the 61.8% Fibonacci retracement degree. The retracement signifies that the pair will fall to degree 1.618 Fibonacci extension or degree 1.2423.
USD/CAD – 4 Hour Chart
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