USD/CAD Upward Move Faces Resistance at Level 1.3400

USD/CAD Upward Move Faces Resistance at 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: Bullish
The pair has resumed an upward move. The Loonie was earlier in a downtrend. It fell to level 1.2980 and resumed the uptrend. The current uptrend faces resistance at level 1.3400. The market will move up after price finds support.

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 55 of the Relative Strength Index. The pair is now in an uptrend zone and above the centerline 50.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair was previously in an uptrend. The uptrend was terminated at level 1.3400. Presently, it has fallen to level 1.3324. A green candle body tested the 78.6 % Fibonacci retracement level. The Loonie will fall and reach the 1.272 Fibonacci extension level. In other words, it will rise and reach level 1.3298.

USD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the SMAs are slowing upward indicating that the market is rising. The Loonie is below the 40% range of the daily stochastic. It indicates that the market is in bearish momentum.


General Outlook for USD/CAD
The USD/CAD is currently falling after resistance at level 1.3400. The Loonie has resumed upward but selling pressure persists. According to the Fibonacci tool, the market will reach a low of 1.3298.


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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Author : Azeez Mustapha

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