USD/CAD Fluctuates between Levels 1.2040 and 1.2200, Uptrend Unlikely

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

USD/CAD Price Long-term Trend: Ranging
USD/CAD is in a range-bound move since May 10. The currency pair has rebounded to break above the 21-day SMA. The pair will resume an uptrend if price breaks above the 50-day SMA. The market is presently fluctuating between levels 1.2040 and 1.2200. The trend will resume if the range-bound levels are breached.

Daily Chart Indicators Reading:
USD/CAD is at level 44 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are pointing downward indicating the downtrend.

USD/CAD Medium-term Trend: Ranging
On the 4-hour chart, the USD/CAD is trading in a horizontal channel. The pair is fluctuating between levels 1.2020 and 1.2130. Buyers have retested the resistance level on five occasions without breaking it. The bears have retested the support level a good number of times but the bulls have the upper hand. In the meantime, the pair is rising upward.

4-hour Chart Indicators Reading
USD/CAD is above the 50% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways move.

General Outlook for USD/CAD
USD/CAD pair is in a sideways trend. The currency pair is rising to retest the resistance level. Since May 10, the currency pair is yet to trend. The range-bound move will continue if the key levels remain unbroken.


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