USD/CAD Long-Term Analysis: Bearish
USD/CAD is in a downtrend as it drops above 1.2790. As price breaks below the moving average lines, there is a tendency for a further downward movement of prices. The currency pair will decline to the current support above level 1.2713. The pair will further decline if the current support at the level is breached. That is, USD/CAD will decline to the previous low at 1.2517
USD/CAD Indicator Analysis
USD/CAD is at level 42 of the Relative Strength Index for period 14. It indicates that the pair has fallen to the bearish trend line and may further decline to the downside. The currency price bars are below the moving average indicating a further downward move. USD/CAD is below the 20% range of the daily stochastic. The pair has fallen to the oversold region. It implies that selling pressure will reach bearish 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 fallen below the oversold region of the market as it drops above 1.2790. Buyers will be attracted to the oversold region of the market. They will attempt to push the currency to the previous highs.
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