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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: Ranging
USD/CAD is in a downward move. Since May 10, the downtrend has been terminated as the currency pair resumes a range-bound move. For the past month, the currency pair has been fluctuating between levels 1.2000 and 1.2200. These range-bound levels are yet to be broken. The pair faces resistance at the 21-day SMA. The downtrend will resume if level 1.2000 is breached.
Daily Chart Indicators Reading:
USD/CAD 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. The 21-day and 50-day SMAs are pointing downward indicating the downtrend.
USD/CAD Medium-term Trend: Ranging
On the 4-hour chart, the USD/CAD is range-bound between levels 1.2000 and 1.2150. Since May 10, the pair has been fluctuating within a confined range. The currency pair will continue its range-bound move excerpt the range-bound levels are breached. Yesterday, the pair broke the lower price range but it is resuming upward.
4-hour Chart Indicators Reading
USD/CAD is below the 25% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways move.
General Outlook for USD/CAD
USD/CAD pair is in a sideways trend. The currency pair is not trending. USD/CAD will resume an upward move if the resistance at level 1.2200 is breached. Similarly, the selling pressure will resume if the bears break level 1.2000.
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