The USDCAD has remained largely on the receiving end as the USD continues to stay bearish. The anticipated CPI and US inflation data have failed to offer helpful impetus to the greenback. As a result, this has seeped into the USDCAD market, keeping it depressed. Let’s see what market participants can expect in this market.
Key Price Levels:
Resistance Levels: 1.3600, 1.3800, and 1.4000
Support Levels: 1.3500, 1.3300, and 1.3100
USDCAD Bulls Are Looking Overwhelmed
Price activity in the USDCAD market has spiraled downward very quickly. The market dipped significantly yesterday. The market printed a sharp decline considering the appearance of the corresponding price candle from the previous session.
However, the ongoing session has produced a minor upside correction. Yet, the market is now below the Guppy Multiple Moving Average lines after printing the mentioned profit. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines can now be seen converged deep in the oversold region of the indicator.
The USDCAD Market Is Still Largely Depressed
The USDCAD 4-hour market reveals that the pair is still under much pressure from a technical point of view. The last price on this chart has appeared as a dashed shape. Also, it has appeared below all the GMMA indicator lines. As a result, this maintains that headwinds are still very much in control of price movement.
Meanwhile, the SRSI indicator lines have delivered a bullish crossover in the oversold region. The lines of the indicator afterward can be seen rising upward. Nevertheless, because the USD lacks the needed fundamental support for this move, it is safe to stay on the bear side of the market by using bearish Forex signals targeting the 1.3550 mark and perhaps lower.
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