USD/Cad Falls to Level 1.2525 Low, Resume Up Trending
Login

USD/Cad Falls to Level 1.2525 Low, Resume Up Trending

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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
USD/CAD downward move has reached bearish exhaustion as the market resumed upward move. Since July 20, the currency pair has been in a downward move as price fell to level 1.2525 and pulled back. Meanwhile, on July 19 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or level 1.3316.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
USD/CAD has risen to level 57 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and above the centerline 50. The currency pair has a bullish crossover as 21-day SMA crosses over the 50-day SMA. The 21-day and 50-day SMAs are sloping upward.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the USD/CAD is in a downward move. The downtrend has subsided but bullish candlesticks are indicating an upward movement of the pair. Buyers are expected to emerge in the oversold region of the market.

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 is in the oversold region of the market. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USD/CAD
USD/CAD pair has commenced resumption of an upward move. The bearish trend ended at the low of 1.2525. The uptrend will resume if price breaks the level 1.2800 resistance level. According to the Fibonacci tool, the currency pair will rise to level 2.0 Fibonacci extension or level 1.3316.


You can purchase crypto coins here: Buy Tokens

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