USD/CAD Resumes Uptrend, Breaks above Level 1.2200

USD/CAD Resumes Uptrend, Breaks above Level 1.2200

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.1900, 1.1800, 1.1700

USD/CAD Price Long-term Trend: Bullish
USD/CAD has resumed upward move. The currency pair has broken above the moving averages. The market will continue to rise as long as the price bars are above the moving averages. In the previous price action, the market was fluctuating between levels 1.2000 and 1.2200. The uptrend has broken the resistance line and closed above it. It indicates that the uptrend will continue.

USD/CAD = Daily Chart

Daily Chart Indicators Reading:
USD/CAD is at level 67 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and it is approaching the overbought region of the market. The pair may not have enough room to rally on the upside. The 21-day and 50-day SMAs are pointing upward.

USD/CAD Medium-term Trend: Bullish
On the 4-hour chart, the USD/CAD is an uptrend. The pair reached the high of level 1.2346 and it is facing rejection. On June 11 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will reach the high of level 1.618 extension or level 1.2232. From the price action, the uptrend has surpassed the Fibonacci level.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is above the 80% range of the daily stochastic. It indicates that the pair has reached the overbought region of the market. USD/CAD is likely to fall as sellers are likely to emerge in the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USD/CAD
USD/CAD pair is now in an uptrend. The currency pair has reached the high of level 1.2346. The market has reached the overbought region. Sellers are expected to emerge to push prices down.


You can purchase crypto coins here:  Buy Tokens



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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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