USD/CAD Resumes Uptrend as Price Terminates at Level 1.300

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bullish
The Loonie has resumed an upward move. The downward move has been terminated at level 1.300 as price moves up. The uptrend is facing resistance but will resume upside momentum when the resistance is cleared.

Daily Chart Indicators Reading:
The price is approaching the resistance line of the descending channel. The Loonie will resume if price breaks the resistance line and closes above it. The 50-day SMA and the 21-day SMA are sloping downward indicating the previous trend. The Loonie has risen to level 51 of the Relative Strength Index. The pair is now in an uptrend zone and above the centerline 50.


USD/CAD Medium-term Trend: Bullish
On the 4-hour chart, the pair has resumed upward move. A green candle body tested the 50 % Fibonacci retracement level. The Loonie will rise and reach the 2.0 Fibonacci extension level. The current uptrend will rise and reach level 1.2940.

4-hour Chart Indicators Reading
Presently, the SMAs are slowing upward indicating that the market is rising. The Loonie is above 80% range of the daily stochastic. It indicates that the market is in bullish momentum. The Loonie is approaching the overbought region of the market.

General Outlook for USD/CAD
The USD/CAD is making an upward move to the upside. The price has risen to 1.3250 and it is facing minor resistance. The current uptrend is expected to reach a high of level 1.3450. Presently, the Loonie is falling because the market reached the overbought region.



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