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Key Resistance Levels: 1.42000, 1.44000, 1.46000
Key Support Levels: 1.34000, 1.32000, 1.30000
USD/CAD Price Long-term Trend: Bearish
The Loonie has been on a downward move as it reaches the low of 1.35400. The price action is indicating a bullish signal. A correction candlestick tested the 0.618 Fibonacci extension level. This indicates that the market will rise and reach level 1.618 extension level. In other words, when the uptrend resumes, the market will reach a high of 1.38000.
Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping uptrend indicating the bearish trend. The Loonie has fallen to level 44 of the Relative Strength Index. This indicates that the pair is in a downtrend and also below the centerline 50.
USD/CAD Medium-term Trend: Bullish
The Loonie was previously in an upward move as it reaches a high of level 1.37000. After retesting the recent high thrice, the Loonie may have downward move to the low of 1.35400. The market is resuming a fresh uptrend.
4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are slowing downward. It indicates the previous trend. The Canadian dollar is below 20% range of the daily stochastic. This indicates that the pair is in an oversold region of the market. The implication is that buyers are likely to emerge.
General Outlook for USD/CAD
The USD/CAD is currently in an upward move. The pair is in a fresh uptrend as price is in the oversold region. According to the Fibonacci tool, the Loonie will rise and reach a high of level 1.38000.
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