With some key fundamentals still on the way, the USDCAD hasn’t benefited quite much from tailwinds. This seems largely due to the fact that market participants are still waiting on the sidelines to gather impetus that may drive the market either through the price ceiling at the 1.3500 mark or plunge the market towards or below the 1.3400 support.
Key Price Levels:
Resistance Levels: 1.3453, 1.3500, and 1.3600
Support Levels: 1.3403, 1.3303, and 1.3200
USDCAD May Dip Further
While technical indicators in the USDCAD daily market seem divergent in the indications arising from them, it seems more likely that price action may plunge further toward the 1.3400 mark. The last price candle for the ongoing session has placed the market below the Guppy Multiple Moving Average (GMMA) curve.
Technically, this places headwinds at an advantage in the market. However, the Stochastic Relative Strength Index (SRSI) indicator lines still generally have an upside trajectory, with the lines of the indicator appearing quite close to each other. This also makes it easy for headwinds to muscle down upside forces.
USDCAD Market Maintains Bearish Outlook
Meanwhile, in the USDCAD 4-hour market, it could still be perceived that the market has a downward trajectory. Just as it was mentioned in the daily market, price action has placed the pair below the crossed lines of the GMMA lines. Furthermore, the SRSI indicator lines have taken a bearish path, unlike that of the daily market.
Consequently, this shows that headwinds will likely dictate the direction of the market at this point, towards the 1.3400 mark. This will likely stay pending the arrival of market-moving fundamentals from the United States, making bearish Forex signals quite the deal in this market.
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