USD/CAD Is in a Tight Range between Levels 1.38553 and 1.42000

USD/CAD Is in a Tight Range between Levels 1.38553 and 1.42000

Key Resistance Levels: 1.42000, 1.44000, 1.46000
Key Support Levels: 1.34000, 1.32000, 1.30000

USD/CAD Price Long-term Trend: Bearish
The USD/CAD pair is currently in a downward move after it reached an overbought region. At an overbought price of 1.46503, sellers emerged to push price downward. The market fell to the same low at level 1.38553 twice before resuming upward. The price seems to be range-bound between 1.38553 and 1.42000.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The market fell to a sideways move. It is at level 52 of the Relative Strength Index. This indicates that the pair is in the uptrend and also above the centerline 50. From the price action, the market is in a sideways trend.

USD/CAD Medium-term Trend: Ranging
On the 4-hour chart, the pair was earlier in a bear market. A bull candlestick body is testing the Fibonacci 0.382 retracement level. This retracement level determines the extent of the downward move. According to the Fibonacci calculation, the pair is likely to reverse at 1.618 Fibonacci extension level. From the price action, the bear market reverses at level 1.38553. Presently, price is fluctuating between 1.38553 and 1.42000.

USD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are slowing horizontally indicating the earlier sideways move. The pair is above 20% range of the daily stochastic. It implies that the market is in a bullish momentum. Presently, the sideways trend is in a bullish momentum.

General Outlook for USD/CAD
The USD/CAD pair is currently is in a sideways move. The price is currently fluctuating between the levels of 1.38553 and 1.42000. At the moment, the lower and the higher price range is yet to be broken as price fluctuates.

Note: 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

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.