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USD/CAD Consolidates above 1.2600, Faces Rejection at Stage 1.2800


USD/CAD Lengthy-Time period Evaluation: Bullish
USD/CAD has been consolidating above the transferring averages however faces rejection at stage 1.2800 . The upward transfer has been hampered at stage 1.2900. Within the earlier value motion, on December 20, 2021, the pair was repelled on the resistance of  stage 1.2900. The pair declined to the low of 1.2495. The upward transfer will resume if the resistance stage is breached. On January 28 uptrend; a retraced candle physique examined the 61.8% Fibonacci retracement stage. The retracement signifies that the pair will rise to stage 1.618 Fibonacci extension or stage 1.30042.

USD/CAD Indicator Evaluation
USD/CAD is at stage 60 of the Relative Energy Index interval 14. The pair is within the uptrend zone and able to an additional upward transfer. Nevertheless, the uptrend has been hampered at stage 1.2900. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways pattern. The pair is under the 50% vary of the day by day stochastic. The market is in bearish momentum.

USD/CAD Consolidates above Level 1.2600, Faces Rejection at Level 1.2800
USD/CAD – Day by day Chart

Technical indicators:
Main Resistance Ranges – 1.3300, 1.3400, 1.3500
Main Help Ranges – 1.2300, 1.2200, 1.2100

What Is the Subsequent Route for USD/CAD?
On the 4-hour chart, USD/CAD is in a range-bound transfer however faces rejection at stage 1.2800 . The pair is fluctuating between ranges 1.2650 and 1.2800. On February 24, patrons pushed the pair above the resistance stage however couldn’t maintain the bullish momentum. USD/CAD has resumed a sideways transfer.

USD/CAD Consolidates above Level 1.2600, Faces Rejection at Level 1.2800
USD/CAD – Four Hour Chart

Note: Forexschoolonline.com just isn’t a monetary advisor. Do your analysis earlier than investing your funds in any monetary asset or introduced product or occasion. We aren’t chargeable for your investing outcomes



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