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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. In the previous trend, the market fell to the low of level 1.2000. This current upward move is likely to face rejection at the 21-day SMA or 50 –day SMA. On the upside, if the bulls break above the moving averages, the currency pair will resume the uptrend.
Daily Chart Indicators Reading:
The 21-day and 50-day SMAs are sloping downward indicating the downtrend. The currency pair is at level 35 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone and below the centerline 50.
USD/CAD Medium-term Trend: Bullish
On the 4-hour chart, the USD/CAD is rising on the upside. The currency pair was resisted at the high of level 1.2140. The pair is presently retracing on the downside. On May 19 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair will rise to level 2.0 Fibonacci extension or level 1.2189.
4-hour Chart Indicators Reading
USD/CAD is above the 25% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The market is likely to fall despite the minor bullish movement. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
General Outlook for USD/CAD
USD/CAD pair is in a brief uptrend. The pair has been in a downward move for several weeks. The current uptrend may rise to the high of level 1.2200. The uptrend will continue if it breaks above the moving averages. The downtrend will resue if the uptrend faces rejection
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