USD/CAD Long-Term Analysis: Bearish
USD/CAD has fallen to the low of 1.2125. On March 22 downtrend,a retraced candlestick tested the 38.2% Fibonacci retracement level. This retracement indicates that the pair will reach the low of level 2.618 Fibonacci extension or the low of level 1.1769.
USD/CAD Indicator Analysis
USD/CAD has fallen to level 24 of the Relative Strength Index period 14. It indicates that the pair has reached the oversold region of the market. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
Technical indicators:
Major Resistance Levels – 1.3300, 1.3400, 1.3500
Major Support Levels – 1.2100, 1.2000, 1.1900
What Is the Next Direction for USD/CAD?
USD/CAD is still in a downward move as a result of the rejection at level 1.2600. The pair will continue the downtrend as the price bars are below the moving averages. According to the Fibonacci tool the downtrend will extend to level 2.618 Fibonacci extension or the low of 1.1769.
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