USD/CAD Long-Term Analysis: Ranging
USD/CAD is in an uptrend because it poises to revisit stage 1.2900 excessive. The foreign money pair has damaged above the transferring averages. USD/CAD will proceed to rise if the bullish momentum is sustained above the transferring averages. The foreign money worth is making a sequence of upper highs and better lows. On December 20 uptrend, patrons did not maintain the value above stage 1.2900. Consequently, the foreign money pair dropped to stage 1.2500 and resumed a recent uptrend. The present uptrend is ongoing because it breaks above the transferring averages.
USD/CAD Indicator Analysis
The foreign money pair is in an upward transfer because the index reaches stage 56 of the Relative Strength Index interval 14. The market is more likely to rise because the pair trades within the bullish development zone. The pair is above the 80% vary of the every day stochastic. This implies that the present uptrend is more likely to face resistance because the market reaches an overbought area of the market. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.
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 making an upward transfer however poises to revisit stage 1.2900 excessive. The pair is more likely to retrace to the draw back. On the 4-hour chart, the foreign money worth has damaged above the transferring averages because the market reached the excessive of 1.2723. Meanwhile, on January 24 uptrend; a retraced candle physique examined the 50% Fibonacci retracement stage. The retracement means that the pair will rise to stage 2.0 Fibonacci extension or 1.2948. From the value motion, the pair have solely reached stage 1.2747 which is an overbought area of the market.
USD/USD – 4 Hour Chart
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