USD/CAD Attempts Uptrend, Faces Resistance at Level 1.36663
Login

USD/CAD Attempts Uptrend, Faces Resistance at Level 1.36663

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

Key Resistance Levels: 1.42000, 1.44000, 1.46000
Key Support Levels: 1.34000, 1.32000, 1.30000

USD/CAD Price Long-term Trend: Bearish
The USD/CAD pair is on a downtrend. The market reached a low of 1.34000 and made an upward correction. The pair is retracing after retesting the 1.36000 resistance. The Loonie was earlier in the oversold region. It is expected that buyers are likely to emerge.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping downtrends indicating the bearish trend. The Loonie has risen to level 40 of the Relative Strength Index. This indicates that the pair is in the downtrend and also below the centerline 50.


USD/CAD Medium-term Trend: Bearish
The Loonie is in a downtrend. The pair corrected upward as the market reached a high of level 1.36663. Buyers retested the recent high twice before retracing to 1.35287 low. However, because of the correction candlestick, the market may move up. A correction candle body tested 0.786 retracement level. This indicates that the pair will rise and reverse at the 1.272 extension level.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. The Canadian dollar is above 25% range of the daily stochastic. This indicates that the pair is in a bullish momentum.

General Outlook for USD/CAD
The USD/CAD pair has been in a downtrend. The RSI has indicated that the pair has reached the oversold region. The price action is indicating a sideways movement of the Loonie. A Doji candlestick appeared at level 1.34000 indicating that the downtrend is over. We should expect the bulls to take control of price.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results


  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News