USD/CAD Is in a Sideways Move, May Resume Downtrend

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.



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 is presently rising on the upside. Since May 10, the pair has been fluctuating between levels 1.2050 and 1.2200. Today the upward move is facing resistance at the 21-day SMA. On the upside, if price breaks above the moving averages, the uptrend will resume. The downtrend will resume if price breaks below level 1.2050..

USD/CAD -Daily Chart

Daily Chart Indicators Reading:
The moving averages are sloping downward indicating the downtrend. USD/CAD has risen to level 41 of the Relative Strength Index period 14. It indicates that the pair is in the downtrend zone below the centerline 50.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the USD/CAD is fluctuating. The market is fluctuating in a range between levels 1.2050 and 1.2200. Today, the price has broken above SMAs to reach 1.2160. The upward move is facing rejection at the recent high. The current price fluctuation has been ongoing for two weeks.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is above the 80% range of the daily stochastic. It indicates that the pair has reached the overbought region of the market. Sellers will emerge to push prices down. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for USD/CAD
USD/CAD pair has been in a sideways trend. The selling pressure will resume if price breaks below level 1.2050 support. Similarly, the uptrend will resume if price breaks above the SMAs and the bullish momentum is sustained.


You can purchase crypto coins here: Buy Coins

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *