USD/CAD Resumes Downtrend After Retesting Level 1.2800
Login

USD/CAD Resumes Downtrend After Retesting Level 1.2800

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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 was earlier in an upward move but faces rejection at level 1.2800. The pair has resumed selling pressure. On December 14, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.618 Fibonacci extension or level 1.2406.

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 has resumed downward. Initially, the Loonie was fluctuating between levels 1.2760 and 1.2840. The bears broke level 1.2760 to resume the downtrend.

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 above the 25% range of the daily stochastic. Buyers are likely to emerge.

General Outlook for USD/CAD
The USD/CAD has resumed a downward move after retesting level 1.2800. The selling pressure will persist as the pair will fall to reach the low at 1.2400.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News