Key Resistance Levels: 1.42000, 1.44000, 1.46000
Key Support Levels: 1.34000, 1.32000, 1.30000
USD/CAD Price Long-term Trend: Bearish
The Loonie selling pressure has been exhausted as the market makes an upward move. A Doji candlestick has appeared in the downtrend indicating that the prior trend is likely to reverse. The pair will rise and reach a high of 1.37500.
Daily Chart Indicators Reading:
The 50-day SMA and the 21-day SMA are sloping downward indicating the bearish trend. The Loonie has fallen to level 45 of the Relative Strength Index. This indicates that the pair is in the downtrend zone and also below the centerline 50.
USD/CAD Medium-term Trend: Bullish
The Loonie is now making an upward move. A correction candlestick tested 0.786 retracement level. It indicates that the pair will rise and reach the high of level 1.272 Fibonacci extension level. This explains that the market will reach a high of 1.37500. Thereafter, the market will fall and return to where it originated.
4-hour Chart Indicators Reading
Presently, the 21-day SMA and 50-day SMA are slowing downward indicating the downtrend. The Canadian dollar is above 40% range of the daily stochastic. This indicates that the pair is in a bullish momentum.
General Outlook for USD/CAD
The USD/CAD is presently rising to level 1.37500. According to the Fibonacci tool, the market will reach level 1.272 and may reverse. However, the reversal may not be immediate. In the meantime, the price has risen above 1.35854.
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
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