USD/CAD Is Fluctuating Between Levels 1.2500 and 1.2640, Selling Pressure Likely

USD/CAD Is Fluctuating Between Levels 1.2500 and 1.2640, Selling Pressure Likely

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bearish
USD/CAD pair is in a downtrend. The pair made a brief uptrend to level 1.2600 on March 30. For the past week, the upward move has been interrupted at the recent high. On the upside, if buyers fail to break above level 1.2600, the selling pressure will resume. Presently, the currency pair is consolidating above level 1.2500.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. USD/CAD is at level 46 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and it is capable of rising.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move after retesting level 1.2600. On April 9 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USD/CAD will fall to level 1.618 Fibonacci level or the low of 1.2468.

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 coin is in a bearish momentum. Presently, the SMAs are sloping horizontally indicating the sideways move.

General Outlook for USD/CAD
USD/CAD pair has been fluctuating between levels 1.2520 and 1.2640. The upward move has been interrupted at the recent high. Today, the pair is consolidating above level 1.2520. The selling pressure will resume if the price breaks at level 1.2500.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.