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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.
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.
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.
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