USD/CAD in a Downtrend, Fluctuates Between Levels 1.38000 and 1.42000


Key Resistance Zones: 1.42000, 1.44000, 1.46000
Key Support Zones: 1.34000, 1.32000, 1.30000

USD/CAD Long-term Trend: Ranging
USD/CAD pair is currently trading at level 1.41389 after a downward move. The market was earlier in a sideways trend in August before a brief uptrend in March. The brief upward move reached level 1.46685 and was resisted. The pair was resisted because the market reached the overbought region. Sellers emerged to push prices downward. Presently, price is above the EMAs, an there is the possibility of an upward move in the interim.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 55 of the Relative Strength Index period 14. This explains that price is in the uptrend zone and it is above the centerline 50. The 50-day SMA and the 21-day SMA are sloping upward indicating the upward move.

USD/CAD Medium-term Trend: Ranging
On the 4- hour chart, after the brief uptrend, the market was in a downward move. A candle body tested 0.382 Fibonacci retracement level indicating that the downward move will extend to 1.618 extension level. From the price action, the pair has reversed at level 1.40000 and resumed a sideways trend. In April, the market is fluctuating between level 1.38000 and 1.42000. Presently, the market is falling after resistance at 1.42000.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
The market is below 60 % range of the daily stochastic. It means that price is in a bearish momentum. The EMAs are sloping in a sideways move indicating the trend.

General Outlook for USD/CAD
Presently, the pair is in a sideways move since April 1. The market is not trending as price fluctuates between 1.38000 and 1.42000. According to the Fibonacci tool, if price breaks level 1.618 extension level, the downward move will extend to level 2.618 extension level.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.