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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: Bearish
USD/CAD is in an upward move. Since March, the currency pair has been battling to break the resistance at level 1.2600. The uptrend will resume if the resistance level is breached. The sideways trend will continue if the resistance remains unbroken. Meanwhile, on July 8 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or level 1.2865.
Daily Chart Indicators Reading:
USD/CAD has risen to level 62 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and above the centerline 50. It is also approaching the overbought region of the market. . The 21-day and 50-day SMAs are sloping upward.
USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the USD/CAD is in an uptrend. The currency price reached the resistance level and was repelled. The currency pair fell to level 1.2440 and resumed upward. Meanwhile, on July 13 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.618 Fibonacci extension or level 1.2595.
4-hour Chart Indicators Reading
USD/CAD is above the 60% range of the daily stochastic. It indicates that the pair is in a bullish momentum and it is approaching the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for USD/CAD
USD/CAD pair upward move has been stalled below level 1.2600. The uptrend will resume if the resistance is breached. According to the Fibonacci tool, the currency pair will rise to level 2.0 Fibonacci extension or level 1.2865.
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