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.

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.

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.


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