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 has resumed an upward move after reaching the low of 1.2300. The currency pair has broken the previous resistance at level 1.2450 as the pair approaches the target price of 1.2750. Meanwhile, on June 18 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.618 Fibonacci extension or level 1.2767.
Daily Chart Indicators Reading:
USD/CAD has risen to level 67 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and above the centerline 50. It is also approaching the overbought region of the market. . 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 an uptrend. The price has broken the previous high. Meanwhile, on July 6 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension or level 1.2544 and reverse. From the price action, the market has reached thigh of level 1.2522.
4-hour Chart Indicators Reading
USD/CAD is above the 80% range of the daily stochastic. It indicates that the pair is in a bullish momentum and has reached the overbought region. However, sellers are likely to emerge in the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for USD/CAD
USD/CAD pair has resumed upward move. The currency pair is likely to rise on the upside but may face rejection. It is presently trading in the overbought region as the pair will soon drop to the downside.
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