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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: Bullish
The pair 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. The support at 1.3000 has been holding since September 1. The current uptrend is facing resistance at 1.3200.
Daily Chart Indicators Reading:
The Loonie will resume uptrend if price breaks the 1.3200 resistance and closes above it. The 50-day SMA and the 21-day SMA are sloping downward indicating the previous trend. The Loonie has fallen to level 47 of the Relative Strength Index. The pair is now in a downtrend zone and below the centerline 50.
USD/CAD Medium-term Trend: Bullish
On the 4-hour chart, the pair has resumed upward move. A red candle body tested the 78.6 % Fibonacci retracement level. The Loonie will rise and reach the 1.272 Fibonacci extension level. The current uptrend will rise and reach level 1.3220.
4-hour Chart Indicators Reading
Presently, the SMAs are slowing upward indicating that the market is rising. The Loonie is below the 20% range of the daily stochastic. It indicates that the market is in bearish momentum. The pair is approaching the oversold 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 1.3167 and it is facing minor resistance. The current uptrend is expected to reach a high of level 1.3220.
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