USD/CAD Long-Term Analysis: Bullish
USD/CAD is buying and selling in a sideways transfer as patrons and sellers attain indecision. The forex value has damaged above the shifting averages however the pair fluctuates between the shifting averages. The market will pattern when the shifting common strains are breached. Meanwhile, on January 28 uptrend; a retraced candle physique examined the 61.8% Fibonacci retracement degree. The retracement signifies that USD/CAD will rise to degree 1.618 Fibonacci extension or degree 1.2992. The uptrend will resume when the resistance at degree 1.2800 is breached.
USD/CAD Indicator Analysis
The forex pair is at degree 52 of the Relative Strength Index interval 14. The market remains to be within the uptrend zone and able to an additional upward transfer. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways pattern. The pair is under the 80% vary of the each day stochastic. The market is in a bearish momentum.
USD/CAD – 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?
On the 4-hour chart, USD/CAD is in a range-bound transfer as patrons and sellers attain indecision.On January 28, the bulls failed to interrupt the resistance at degree 1.2800. The pair was resisted because it fell to 1.2650 low. Since January 28, the market has been fluctuating between 1.2650 and 1.2800 value ranges. The uptrend will resume when value breaks above the resistance at 1.2800. Similarly, the downtrend will resume if the worth breaks under degree 1.2650.
USD/CAD – 4 Hour Chart
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