USD/CAD Resumes Downtrend After Rejection From Level 1.2750

USD/CAD Resumes Downtrend After Rejection From Level 1.2750

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
The Loonie has continued its downward move. Since March 1, the downward movement has resumed after rejection at level 1.2750. On February 25 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair will fall to level 2.618 Fibonacci extension or the low of level 1.1801.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 50-day and the 21-day SMAs are sloping downward indicating the downtrend. The Loonie has fallen to level 44 of the Relative Strength Index period 14. The pair is in the downtrend zone and below the centerline 50.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the pair is making a series of lower highs and lower lows. On March 1 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the pair will fall to level 1.618 Fibonacci extension and reverse. That is at the low of 1.2576.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the SMAs are sloping southward indicating the downtrend. The Loonie is in the oversold region below the 20% range of the daily stochastic. Buyers are likely to emerge.

General Outlook for USD/CAD
The USD/CAD is likely to continue downward. After its rejection from level 1.2750, the selling pressure has been persistent. The pair has fallen to level 1.2613 and a further downward movement is expected.

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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.