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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.
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.
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.
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