USD/CAD Long-Term Analysis: Bearish
USD/CAD is in an upward move as price breaks above the moving averages but struggles below 1.2800 high. The currency pair is likely to face resistance at the 1.2900 resistance level. On March 9, USD/CAD faced resistance at level 1.2900. The pair fell to the low of 1.2500 and resumed consolidation above it. On the other hand, if the bulls break the recent high, the pair will rise and revisit the previous high of level 130.00.
USD/CAD Indicator Analysis
USD/CAD has risen to level 55 of the Relative Strength Index for period 14. The currency pair is now trading in the bullish trend zone. The pair are battling to break a minor resistance at level 1.2815. 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 market 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 has regained bullish momentum as price breaks above the moving averages but struggles below 1.2800 high. In the lower time frame, the market has reached the overbought region. The current uptrend may be terminated if price breaks below the moving averages or the trend line.
Note: Forexschoolonline.com 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
Leave a Reply