USD/CAD Continues Downward Move, ApproachesLevel 1.2600

USD/CAD Continues Downward Move, ApproachesLevel 1.2600

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
The Loonie is in a downward move. The downtrend resumed after retesting  level 1.36 price level. A green candle body tested a 38.2% Fibonacci retracement level. USD/CAD will fall and reach the 2.618 Fibonacci extension level. In other words, the pair will reach a low of 1.2600.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:

The 50-day SMA and the 21-day SMA are sloping downward indicating that the market is falling. The Loonie has fallen to level 31 of the Relative Strength Index. The pair is approaching the oversold region of the market. It is in a bearish momentum.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. It is presently in a descending channel. The price is falling and approaching the support line. The price tested the support line of the descending channel. The pair is trading in the middle of the channel.

USDCAD - 4-hour chart
USDCAD – 4-hour chart

4-hour Chart Indicators Reading
Presently, the SMAs are slowing downward indicating that the market is falling. The Loonie is above 50% range of the daily stochastic. It indicates that the market is in a bearish momentum. The Loonie is in a larger downtrend.

General Outlook for USD/CAD
The USD/CAD is on a downward move. The pair is likely to fall to the low of 1.2600 low. According to the Fibonacci tool, the market will reach a low of 2.618 extension


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