USD/CAD Resumes Selling Pressure After Testing Resistance at 1.2620

USD/CAD Resumes Selling Pressure After Testing Resistance at 1.2620


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
USD/CAD pair is in a downtrend. Presently it is rising in an upward move. The upward move is facing resistance at the 50-day SMA. The downtrend will resume if the pair faces resistance at the 50-day SMA. Since March 29, the bulls have been struggling to break the 50-day SMA.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. USD/CAD is at level 53 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and has room to rally on the upside.

USD/CAD Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a brief uptrend. On April 6, the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USD/CAD will rise to level 1.618 Fibonacci level or the high of 1.2610. Presently, the pair is testing this Fibonacci extension level. Besides, the market is approaching the overbought region.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is above 80% range of the daily stochastic. It indicates that the market has reached the overbought region. Sellers are likely to emerge in the overbought region to push prices downward. Presently, the SMAs are sloping upward indicating the uptrend.

General Outlook for USD/CAD
USD/CAD price has risen to the overbought region of the market. The pair is likely to fall and the bearish trend may resume. USD/CAD price is presently hovering above level 1.2600.

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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.