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USDCAD Shows Readiness to Stay Bearish

Johnathon Fox
04/13/2023 | UPDATED ON: 04/13/2023

The price action in the USDCAD market has returned to its bearish path after a minor upside retracement. The said upside retracement almost saw the price of the pair reach the 1.3532 resistance. Nevertheless, bearish momentum soon resumed and has continued to plunge prices towards lower support levels.

Major Price Levels:
Top Levels: 1.3438, 1.3458, and 1.3478
Floor Levels: 1.3418, 1.3400, and 1.3380

USDCAD Shows Readiness to Stay Bearish

USDCAD Shapes to Breakdown the Support at 1.3415

USDCAD appears to have decisively turned bearish, judging by the appearance of a bearish price candle since about two trading sessions ago now. Also, the last price candle on this chart seems significantly larger than the previous ones and may be suggesting that bearish momentum is increasing in this market. Price action stays within the downward-sloping price channel as the Relative Strength Index (RSI) indicator curves perform a bearish crossover in the overbought region. Additionally, the Average True Range (ATR) indicator line seems to have also indicated that the price is still in a downward trend. This can be seen through the terminal of this indicator.

USDCAD Shows Readiness to Stay Bearish

USDCAD Stays Consistently Depressed, With a Pinch of Hope

Even on the 4-hour USDCAD market, price action continues to trend downwards. In the previous trading session, bearishness showed up at the lower limit of the Bollinger Bands indicator. Subsequently, price action was supposed to rebound upwards after testing the lower limit, but for some reason, it didn’t happen that way. Consequently, this is pointing out that the bears are very strong, as another bearish price candle has appeared on this chart. However, the RSI indicator seems to be pointing out something interesting. The lines of the RSI are behaving as if they are about to make a bullish crossover. Meanwhile, the ATR indicator curve also appears rather sideways. These two indicators seem to be bringing some hope to this market. Nevertheless, it will be safer for traders to anticipate any upside retracement at the price mark of 1.3440 rather than go long straight away.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

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