USD/CAD Long-Term Analysis: Bullish
USD/CAD is in an upward move. The currency pair has risen to level 1.2462. The RSI has indicated that the pair has reached an overbought region of the market. The currency pair’s upward move is doubtful. However, as long as price bars are above the moving averages the upward move will continue. The current uptrend is likely to face resistance at a high of 1.2600.
USD/CAD Indicator Analysis
USD/CAD is at level 74 of the Relative Strength Index period 14. It indicates that the pair is in the overbought region of the market. The pair has no enough room to rally on the upside. The 21-day and 50-day SMAs are sloping and making a U-turn upward. The pair is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region of the market. The stochastic bands are sloping above the overbought region. Sellers may emerge in the overbought region.
Technical indicators:
Major Resistance Levels – 1.3300, 1.3400, 1.3500
Major Support Levels – 1.2300, 1.2200, 1.2100
What Is the Next Direction for USD/CAD?
USD/CAD has resumed upward move. On the 4-hour chart, the price is making higher highs and higher lows. The market will continue to rise as long as the bullish trend remains unbroken.
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