USD/CAD Is in an Upward Move, Targets Level 1.3394

USD/CAD Is in an Upward Move, Targets Level 1.3394

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 Loonie was earlier in a downtrend. It fell to level 1.03050 and commenced resumption of the uptrend. The price has broken above the SMAs which indicates a further upward movement of the pair.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping downward indicating the previous trend. The Loonie has fallen to level 61 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 red candle body tested the 78.6 % Fibonacci retracement level. The Loonie will rise and reach the 1.272 Fibonacci extension level. In other words, it will rise and reach level 1.3220.

USD/CAD -4 Hour Chart

4-hour Chart Indicators Reading
Presently, the SMAs are slowing upward indicating that the market is rising. The Loonie is above the 80% range of the daily stochastic. It indicates that the market is in bullish 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 Loonie has not resumed the full uptrend. According to the Fibonacci tool, the market will reach a high of level 1.3394.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.