USD/CAD Is in a Downward Move, Retests Level 1.3000

USD/CAD Is in a Downward Move, Retests Level 1.3000

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
The Loonie is in a downward move. A correction candle body tested 0.618 Fibonacci retracement level. It indicates that the pair will fall and reach a low of 1.618 Fibonacci extension level. In other words, the market will reach level 1.3000.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping downward indicating that the market is falling. The Loonie has fallen to level 35 of the Relative Strength Index. The pair is approaching the oversold region of the market.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair is falling in a descending channel. Today, the Loonie upward move is being repelled at the resistance line as the market makes a downward move. However, if price breaks and closes above the resistance line, the current downward move is invalidated. In the meantime, the market is falling.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the SMAs are slowing downward indicating that the market is falling. The Loonie is above 25% range of the daily stochastic. It indicates a bullish momentum. This is contrary to the price action as the market is falling.

General Outlook for USD/CAD
The USD/CAD pair is in a downward move. The pair has to fall and approaching the low of level 1.3369 at the time of writing. The downward movement is expected to reach a low of level 1.3000.



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