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Key Resistance Levels: 1.42000, 1.44000, 1.46000
Key Support Levels: 1.34000, 1.32000, 1.30000
USD/CAD Price Long-term Trend: Ranging
The Loonie was earlier in a bear market. A bull candle body tested the 0.786 Fibonacci retracement level. The candle body that tested the 0.786 retracement level indicates that the market will fall and reverse at the 1.272 Fibonacci extension level. This implies that the bear market is likely to reverse at level 1.37359. Therefore we may place a buy limit at the estimated reversal date. Meanwhile, the market is in a sideways move.
Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping horizontally indicating the sideways trend. The Loonie has fallen to level 43 of the Relative Strength Index. This indicates that the pair is in the downtrend and also above the centerline 50.
USD/CAD Medium-term Trend: Ranging
On the 4-hour chart, the pair is in a horizontal channel. The pair is in a sideways trend fluctuating between level 1.38553 and 1.42000. Presently, the market has fallen to the lower price range as the bears continue selling pressure.
4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are slowing horizontally indicating the earlier sideways move. The Canadian dollar is below 20% range of the daily stochastic. It implies that the market is in the oversold region. This indicates that buyers are likely to emerge.
General Outlook for USD/CAD
The USD/CAD pair is currently is in a sideways move. The Fibonacci indicates that the market is likely to reverse at level 1.37359 but the pair have already fallen to level 1.38836. A pending order is likely to be placed in that direction.
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