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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. However, since on August 18, the market has been in consolidation above the current support. The price has been fluctuating above level 1.3100. It is likely the price may have a breakout or breakdown.
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 39 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: Ranging
On the 4-hour chart, the pair is in a sideways move. In the August 24 uptrend, the pair was resisted and the retraced candle body tested the 78.6% Fibonacci retracement. The Loonie will rise to reach the 1.272 Fibonacci extension level. The pair is likely to reverse at this level.
4-hour Chart Indicators Reading
Presently, the SMAs are slowing sideways. The Loonie is above 60% range of the daily stochastic. It indicates that the market is in a bullish momentum. The pair is rising and approaching the overbought region of the market.
General Outlook for USD/CAD
The USD/CAD pair is in a downward move. At the same time price is fluctuating. According to the Fibonacci tool, the market will rise and reach the 1.272 Fibonacci extension level. Later the pair will reverse but the reversal will not be immediate. The overall trend is bearish. The pair will fall.
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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