USD/CAD Is in a Sideways Move, Resumes Uptrend


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

USD/CAD Price Long-term Trend: Ranging
The Loonie is in a sideways move in June and July. The market is fluctuating between levels of 1.3500 and 1.3700. The price is falling after facing rejection at level 1.3600. The current price is falling and approaching the low of 1.3446

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping sideways indicating the sideways trend. The Loonie has fallen to level 38 of the Relative Strength Index. This indicates that the pair is in the downtrend zone and below the centerline.

USD/CAD Medium-term Trend: Ranging
On the 4-hour chart, the pair is fluctuating between levels 1.3500 and 1.3650. The price has fallen to level 1.3446. It is in the oversold region of the market. The Loonie is expected to move up as price is in the oversold region of the market.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the SMAs are slowing horizontally indicating the sideways trend. The Loonie is below 20% range of the daily stochastic. It implies that the market is in the oversold region. Buyers are expected to emerge to push prices upward.

General Outlook for USD/CAD
The USD/CAD pair is in a sideways move. The market is currently fluctuating between levels of 1.3500 and 1.3650. The price is falling and approaching the low of 1.3446.

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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.