USD/CAD Is in a Sideways Trend, Downward Move May Resume

10 March 2021 | Updated: 10 March 2021

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 presenting in a sideways move. Today, the market is rising to retest level 1.2700 high. Since March 1, all price movement has been stalled below the 1.2700 high. The pair is fluctuating between 1.2600 and 1.2700.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 50-day and the 21-day SMAs are sloping downward indicating the downtrend. The Loonie is now at level 50 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand.

USD/CAD Medium-term Trend: Ranging
On the 4-hour chart, the pair is range-bound after rejection from level 1.2750. The Loonie fluctuates between levels 1.2600 and 1.2700. The downtrend will resume if the bears break level 1.2600. The price is attempting to retest level 1.2700. The pair is likely to be repelled and price is likely to fall.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the SMAs are sloping horizontally indicating the sideways move. The Loonie is above the 73% range of the daily stochastic. It indicates that the pair is in a bullish momentum.

General Outlook for USD/CAD
The USD/CAD is presently range-bound between level 1.2600 and 1.2700. The pair will trend downward if the lower price level is breached. Presently, the market is fluctuating upward. The price is expected to fall after resistance.

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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.