USD/CAD Lengthy-Time period Evaluation: Bearish
Since September 22, USD/CAD has been in a downward transfer. Firstly, the forex pair dropped to the low of 1.2600 and corrected upward. The upward correction was terminated on the 1.2800 resistance zone. The promoting stress resumes however has reached bearish exhaustion. In the meantime, on September 28 downtrend; a retraced candle physique examined the 61.8% Fibonacci retracement stage. The retracement signifies that USD/CAD will fall to stage 1.618 Fibonacci extension or stage 1.2400. From the worth motion, the market has reached the low of stage 1.2400.
USD/CAD Indicator Evaluation
The pair is at stage 31 of the Relative Power Index interval 14. It signifies that the pair is within the downtrend zone and beneath the centerline 50. The 21-day and 50-day SMAs are sloping horizontally indicating the earlier sideways pattern. USD/CAD is beneath the 20% vary of the each day stochastic.USD/CAD has fallen to the oversold area of the market. The implication is that the promoting stress has reached bearish exhaustion.
Main Resistance Ranges – 1.3300, 1.3400, 1.3500
Main Help Ranges – 1.2300, 1.2200, 1.2100
What Is the Subsequent Course for USD/CAD?
On the four Hour Chart, the pair is in a easy downtrend. The pair confronted rejection at stage 1.2750 and it continued the downward transfer. In the meantime, on September 28 downtrend; a retraced candle physique examined the 50% Fibonacci retracement stage. The retracement signifies that USD/CAD will fall at stage 2.zero Fibonacci extension or stage 1.2304.
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