The USDCAD price action has faced rejection at the resistance level of 1.3560. This has subsequently led to a minimal downward retracement as of the time of writing. Will more downward retracement be seen in subsequent sessions? Let’s find out.
Major Price Levels:
Resistance Levels: 1.3563, 1.3590, and 1.3620
Support Levels: 1.3559, 1.3540, and 1.3510
USDCAD Hits Resistance Around the 1.3570 Price Mark
Traders in the USDCAD daily market had earlier gathered gains under the 1.3548 price mark. As trading activities continued, price action poked through the 1.3548 resistance to reach around 1.3565. However, today’s session has presented some downward retracement. Nevertheless, trading indicators are still positively biased. The last price candlestick here is still very high above the middle band of the Bollinger Bands indicator. Furthermore, the Relative Strength Index (RSI) indicator still maintains its upside bearing. Also, the lines of the Moving Average Convergence Divergence indicator (MACD) curves are still rising upwards above the equilibrium level. All these indications suggest that the price may still retrace upward.
USDCAD Price Action Falls Under Gravity, Retraces 1.3500
On the 4-hour market, USDCAD price action has been sliding down toward support at 1.3500. Also, the last candle on this chart seems to suggest that short orders seem to be increasing as trading activities continue. Applied trading indicators are also revealing that downward forces are getting stronger. The RSI indicator has given a bearish crossover in the overbought area, and its lines are now trending downwards. Also, the histogram bars of the MACD indicator are now pale green in appearance, indicating a gradual decline in upside strength. Consequently, traders can anticipate a retracement of the 1.3500 price level shortly.
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