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.

You can purchase crypto coins here: Buy Coins

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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • 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
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.