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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 in a downward move. The downtrend resumed after retesting level 1.3600 price level. A green candle body tested a 38.2% Fibonacci retracement level. The Loonie will fall and reach the 2.618 Fibonacci extension level. In other words, the pair will reach a low of 1.2600.
Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping downward indicating that the market is falling. The Loonie has fallen to level 31 of the Relative Strength Index. The pair is approaching the oversold region of the market. It is in a bearish momentum.
USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. It is presently in a descending channel. The price is falling and approaching the support line. If price breaks the support line, the downward move will persist.
4-hour Chart Indicators Reading
Presently, the SMAs are slowing downward indicating that the market is falling. The Loonie is below 20% range of the daily stochastic. It indicates that the market is in a bearish momentum. The Loonie is in the oversold region.
General Outlook for USD/CAD
The USD/CAD pair is in the oversold region of the market. According to the Fibonacci tool, the market will fall and reach a low of 1.2600. As price is in the oversold region buyers are likely to rise.
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