USD/Cad Falls After Retesting Level 1.2350, Downtrend Likely

USD/Cad Falls After Retesting Level 1.2350, Downtrend Likely

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bearish
USD/CAD has continued its downward move as the market dropped to 1.2280 and resumed consolidation above the current support. Meanwhile, on March 19 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the market will fall to level 2.618 Fibonacci retracement level or the low of 1.1686.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The moving averages are sloping downward indicating the downtrend. USD/CAD is at level 32 of the Relative Strength Index period 14. It indicates that the pair is approaching the oversold region of the market. The pair will continue to fall as long as price is below the SMAs.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair fell to level 1.2200 support and resumed a range-bound move between 1.2200 and 1.2350. Today the pair is falling after retesting level 1.2350. On April 30 downtrend, a retraced candle body tested the 78.6 % Fibonacci retracement level. It indicates that the market will fall to 1.272 Fibonacci extension and reverse. That is the low of level 1.2222.

USD/CAD – Daily Chart

4-hour Chart Indicators Reading
USD/CAD is below the 25% range of the daily stochastic. It indicates that the pair is approaching the oversold region. Buyers are expected to emerge in the oversold region of the market. Presently, the SMAs are sloping downward indicating the downtrend.

General Outlook for USD/CAD
USD/CAD pair fell to the support above level 1.2200 and resumed a brief uptrend. The uptrend was rejected at level 1.2350. The market has resumed selling pressure as a result of the rejection. The pair is likely to fall.


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USD/CAD Reaches Bearish Exhaustion, May Resume Upward Move

USD/CAD Reaches Bearish Exhaustion, May Resume Upward Move

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bearish
For the past 48 hours, the USD/CAD pair slumped to the low of 1.2384. This was the previous low of March 17. On March 17 price action; the bears push the currency price to the historical price level as bulls buy the dips. The market resumed an upside momentum and price rallied to level 1.2650 on March 30. The uptrend was terminated on March 30 as the currency pair resumed a range-bound movement below level 1.2650. Today, the market is likely to make a repeat of the previous price action.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The moving averages are sloping downward indicating the downtrend. USD/CAD is at level 38 of the Relative Strength Index period 14. It indicates that the pair is approaching the oversold region of the market.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. On March 26, the currency pair fell to a low of level 1.2384 which was the previous support of March 17. That is, on April 21 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USD/CAD will fall to level 1.272 Fibonacci extension or the low of 1.2403 and reverse. From the price action, the market has fallen to the Fibonacci 1.272 extension and there is a likelihood of price reversal. However, the reversal will not be immediate.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is below the 20% range of the daily stochastic. It indicates that the pair has fallen into the oversold region of the market. Buyers are expected to emerge in the oversold region of the market. Presently, the SMAs are sloping downward indicating the downtrend.

General Outlook for USD/CAD
USD/CAD pair has reached bearish exhaustion as price fell to the low of level 1.2384. The currency is now consolidating above the current support. The market will resume upward but not immediately. The market has been oversold since April 21.

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USD/CAD Is Facing Resistance At Level 1.2620, Downtrend Likely

USD/CAD Is Facing Resistance At Level 1.2620, Downtrend Likely

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bearish
USD/CAD pair is in a bullish moventum for the past three days. The currency pair has been rising on the upside. Buyers have broken above the moving averages. However, the uptrend is facing resistance at level 1.2600. The implication is that the major bearish trend is likely to resume.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. USD/CAD is at level 54 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and it is capable of rising.

USD/CAD Medium-term Trend: Bullish
On the 4-hour chart, the pair is rising on the upside. The current uptrend is facing resistance at level 1.2620. On April 20 uptrend; a retraced candle body tested the 88.6% Fibonacci retracement level. The retracement indicates that USD/CAD will rise to level 1.1129 Fibonacci level or the high of 1.2638. From the price action, the market is fluctuating below the resistance level.

USD/CAD – 2 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is above the 80% range of the daily stochastic. It indicates that the pair has risen to the overbought region of the market. Sellers are likely to emerge. Presently, the SMAs are sloping upward indicating the uptrend.

General Outlook for USD/CAD
USD/CAD pair has been in an upward move for the past three days. The currency pair is now facing resistance at level 1.2620. There is the tendency of price falling as it is in the overbought of the market. Presently, the market is falling after rejection from the recent high.


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USD/CAD Is Fluctuating Between Levels 1.2500 and 1.2640, Selling Pressure Likely

USD/CAD Is Fluctuating Between Levels 1.2500 and 1.2640, Selling Pressure Likely

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bearish
USD/CAD pair is in a downtrend. The pair made a brief uptrend to level 1.2600 on March 30. For the past week, the upward move has been interrupted at the recent high. On the upside, if buyers fail to break above level 1.2600, the selling pressure will resume. Presently, the currency pair is consolidating above level 1.2500.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. USD/CAD is at level 46 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and it is capable of rising.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move after retesting level 1.2600. On April 9 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USD/CAD will fall to level 1.618 Fibonacci level or the low of 1.2468.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is below the 20% range of the daily stochastic. It indicates that the coin is in a bearish momentum. Presently, the SMAs are sloping horizontally indicating the sideways move.

General Outlook for USD/CAD
USD/CAD pair has been fluctuating between levels 1.2520 and 1.2640. The upward move has been interrupted at the recent high. Today, the pair is consolidating above level 1.2520. The selling pressure will resume if the price breaks at level 1.2500.


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USD/CAD Resumes Selling Pressure After Testing Resistance at 1.2620

USD/CAD Resumes Selling Pressure After Testing Resistance at 1.2620


Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bearish
USD/CAD pair is in a downtrend. Presently it is rising in an upward move. The upward move is facing resistance at the 50-day SMA. The downtrend will resume if the pair faces resistance at the 50-day SMA. Since March 29, the bulls have been struggling to break the 50-day SMA.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. USD/CAD is at level 53 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and has room to rally on the upside.

USD/CAD Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a brief uptrend. On April 6, the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USD/CAD will rise to level 1.618 Fibonacci level or the high of 1.2610. Presently, the pair is testing this Fibonacci extension level. Besides, the market is approaching the overbought region.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is above 80% range of the daily stochastic. It indicates that the market has reached the overbought region. Sellers are likely to emerge in the overbought region to push prices downward. Presently, the SMAs are sloping upward indicating the uptrend.

General Outlook for USD/CAD
USD/CAD price has risen to the overbought region of the market. The pair is likely to fall and the bearish trend may resume. USD/CAD price is presently hovering above level 1.2600.

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USDCAD retests bearish structure

USDCAD retests bearish structure

Key Resistance: 1.2600
Key Support: 1.2480 – 1.2360

The USDCAD rallied 2.30% the last 2 weeks mainly due to some USD strength and Crude weakness.

This week buyers kept trying to break the previous week´s highs until Yesterday they where able to just to see sellers smash price down from the 1.2640

This gave us our setup when the rejection happened whilst looking at one week worth of bearish divergence.

On the daily, this rejection is a retest of the January 2021 base that eventually broke. Everything points at a bearish continuation, more so with oil trying to breakout of the 62 level.

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USD/CAD Resumes Downtrend, Faces Rejection at Level 1.26300

USD/CAD Resumes Downtrend, Faces Rejection at Level 1.26300

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bearish
USD/CAD pair was in a downward move in March. On March 1, the pair was resisted at level 1.2700 and it plunged to level 1.2400. On March 18, the bulls bought the dips and resumed upward to reach the high of 1.2647. Presently, the currency pair is in a downward move.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The moving averages are sloping downward indicating the downtrend. USD/CAD is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair has been in a downward move. The pair retested level 1.2640 twice before the downward move. On March 31 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USD/CAD will fall to level 1.618 Fibonacci level or the low of 1.2586.

USD/CAD -4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD has fallen to the oversold region of the market. That is below 20% range of the daily stochastic. Buyers are likely to emerge in the overbought region to push prices upward. Presently, the SMAs are sloping upward indicating the previous trend.

General Outlook for USD/CAD
USD/CAD has been in a downward move consistently. The currency pair made a brief upward move but faces rejection at the recent high. The implication is that the downtrend is likely to resume.

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USDCAD retests bearish structure

USDCAD retests bearish structure

Key Support: 1.2480 – 1.2380
Key Resistance: 1.2630

The CAD has been very strong against the USD since mid March 2020. The USDCAD in particular has been dropping non-stop since then (-15.80%), breaking with massive key levels in the process.

The past 2 weeks the USDCAD has rallied inside a bearish continuation pattern (+2.12%), and is now retesting the previous broken support and the long term bearish structure.

This pullback confluences with the 61.8% retracement of the last leg down. To be triggered we need price to break the immediate structure and the weekly pivot.

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USD/CAD Rallies but Reaches the Overbought Region, May Face Rejection at Level 1.2610

USD/CAD Rallies but Reaches the Overbought Region, May Face Rejection at Level 1.2610

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bearish
USD/CAD pair is presently making an upward move. The price has broken above the 21-day SMA. If it breaks the 50-day SMA and the bullish momentum is sustained, the uptrend will continue. The selling pressure will resume if price fails to break above the SMAs. In previous price actions, the downtrend has been the main trend.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 50-day and the 21-day SMAs are sloping downward indicating the downtrend. USD/CAD is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

USD/CAD Medium-term Trend: Bullish
On the 4-hour chart, the pair has been in an upward move. For the past week, the Loonie has been rising on the upside. The pair may face rejection at level 1.2650. On March 19 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USD/CAD will rise to level 1.272 Fibonacci level and reverse.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is trading now in the overbought region above the 80% range of the daily stochastic. Perhaps, sellers may emerge in the overbought region to push prices down. Presently, the SMAs are sloping upward indicating the uptrend.


General Outlook for USD/CAD
Presently, USD/CAD is in an uptrend but the pair is trading in the overbought region of the market. However, the upward move is doubtful as the pair has no room to rally on the upside. The pair may resume its original selling pressure.

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USD/CAD Falls to 1.2500 as Oil Rally Cools Off

USD/CAD Falls to 1.2500 as Oil Rally Cools Off

The USD/CAD traded higher in the European session on Friday but erased its daily gains and fell below the 1.2500 support at the open of the US market, as the fundamental scene remains erratic.

The loonie got hit badly on Thursday following a sharp decline in crude oil prices. With the price of crude oil stabilizing and creeping higher over the past 24 hours, the downward pressure on the CAD has gotten eased.

Aside from crude oil price action and a better-than-expected Canadian Retail Sales report for January, the fundamental scape for the USD/CAD has been a bit barren. Meanwhile, the US dollar witnessed a jab of strength following the Fed’s decision to refrain from extending the pandemic-induced supplementary leverage ratio (SLR) rules at the end of the month. These rules allowed banks to hold US treasuries and deposits on their balance sheets exempt from normal capital ratio requirements, which was decided upon by the Fed at the dawn of the Covid-19 crisis to prevent excessive selling pressure in the US treasury market.

Moving on, next week will likely be a quiet one for CAD traders, with just comments from the deputy governor of the Bank of Canada, Toni Gravelle, to focus on. Meanwhile, USD traders will be focusing on comments from Fed Chair Jerome Powell and other members of the Fed and preliminary Markit PMIs and Core PCE inflation data.

Recap of the Canadian Retail Sale
Canada released better-than-expected Retail Sales data for January, with the MoM pace of decline in headline sales at 1.1% versus the steeper 3.0% market forecast. Core retail sales also came in at better-than-expected numbers, with a drop of 1.2% MoM versus the widely-expected 3.0%.

The drop was reflective of the massive decline in the sales of some sectors that got shuttered with the closure of non-essential retail stores in Canada.

 

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