USD/CAD Long-Term Analysis: Bearish
USD/CAD is in an uptrend as it targets the high of 1.3119. The currency pair is trading above the moving averages. The bulls are attempting to break the resistance at level 1.3048. On May 13, USD/CAD was repelled at the resistance of level 1.3048. Today, the pair has risen to the high of level 1.3025. On June 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement. The retracement suggests that WTI will rise to level 1.272 Fibonacci extension or level 1.3119.
USD/CAD Indicator Analysis
USD/CAD has risen to level 65 of the Relative Strength Index for period 14. The currency pair is trading in the bullish trend zone as it targets the high of level 1.3119. The price bars are above the 50-day line SMA and the 21-day line SMA indicating a further upward movement of the pair. USD/CAD is above the 80% range of the daily stochastic. The market has reached the overbought region. The pair is reaching bullish exhaustion.
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 is in an upward move as it targets the high of 1.3119 . The pair has reached the overbought region of the market. The current uptrend will soon reach bullish exhaustion. The pair will rise and reverse at level 1.3119.
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