USD/CAD Slumps Again on the Downside, After Rejection at Level 1.2150

USD/CAD Slumps Again on the Downside, After Rejection at Level 1.2150

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

USD/CAD Price Long-term Trend: Bearish
USD/CAD has continued to fall after rejection at level 1.2300. The market has declined to the low of level 1.2096. Further downside is expected. On the daily chart, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the market will decline to level 2.618 Fibonacci retracement level or the low of 1.1754.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The moving averages are sloping downward indicating the downtrend. USD/CAD is at level 23 of the Relative Strength Index period 14. It indicates that the pair has fallen into an oversold region of the market. The pair is trading in the bullish trend zone.

USD/CAD Medium-term Trend: Bearish
On the 4-hour chart, the USD/CAD is falling on the downside. The pair fell to level 1.2080 and resumed consolidation above the current support. Today, the bulls tested the 21-day SMA and were repelled. The selling pressure has continued on the downside.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is above the 25% range of the daily stochastic. It indicates that the pair is in a bullish momentum which is contrary to the price action. The market is likely to fall despite the minor bullish movement. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for USD/CAD
USD/CAD pair has resumed downward move after the resistance at the 21-day SMA. The price indicator has indicated further downside as the market will reach level 2.618 Fibonacci extension or the low of level 1.1754.

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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.