US/CAD Continues Downtrend after Rejection from Level 1.3400


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
USD/CAD has resumed a downward move after rejection at level 1.3400. The coin is falling to revisit the previous low at level 1.3000. The downward movement will persist once level 1.300 is breached.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend. The pair has a bullish crossover as the 21-day SMA crosses over the 50-day SMA. The Loonie has risen to level 40 of the Relative Strength Index period 14. The pair is now in a downward move and below the centerline 50.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The retraced candle body tested the 88.6% Fibonacci retracement level. The Loonie will fall to level 1.129 Fibonacci extension level. The Loonie will fall to level1.129 Fibonacci extension level.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the SMAs are slowing downward move. The Loonie is above 70% range of the daily stochastic. The pair is in a bullish momentum.

General Outlook for USD/CAD
The USD/CAD is currently falling after rejection from 1.3400. The pair is still facing selling pressure. According to the Fibonacci tool, the market will reach a low of 1.129 Fibonacci extension level. That level is level 1.3080.

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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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.