USD/Cad Declines as It Faces Rejection at Level 1.2500

USD/Cad Declines as It Faces Rejection at Level 1.2500

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.1900, 1.1800, 1.1700

USD/CAD Price Long-term Trend: Bearish
Since June 21, the USD/CAD upward move has been interrupted. The currency pair is facing rejection at the 1.2500 resistance level. The market is declining on the downside. If price breaks below the moving averages, it will accelerate the downward move. On March 17 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 extension or level 1.1771.

USD/CAD -Daily Chart

Daily Chart Indicators Reading:
USD/CAD has fallen to level 56 of the Relative Strength Index period 14. It indicates that the pair is still in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping downward.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the USD/CAD is in a downward move. The currency price is attempting to break below the moving averages. A break below the moving averages will signal the resumption of selling pressure.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is above the 25% range of the daily stochastic. It indicates that the pair is in a bullish momentum. However, the stochastic bands are pointing downward indicating the downtrend. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for USD/CAD
USD/CAD pair is now in a downward move. On the daily chart, if price falls and finds support above the moving averages, the uptrend will resume. However, the downtrend will continue if price breaks below the SMAs or the trend line.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.