USD/CAD Lengthy-Time period Evaluation: Bearish
USD/CAD is in a downward transfer after the bears broke under the shifting averages. Earlier than the present worth motion, the bulls have made a number of makes an attempt to interrupt above stage 1.2800 resistance. For the previous 4 months, the pair had been in a range-bound transfer under stage 1.2800 overhead resistance. The bulls did not preserve the worth above the overhead resistance. 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 to stage 2.zero Fibonacci extension or stage 1.2298. From the worth motion, the market has reached the low of stage 1.2547.
USD/CAD Indicator Evaluation
The pair is at stage 41 of the Relative Power Index interval 14. It signifies that the pair is within the downtrend zone and able to falling on the upside. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways development. USD/CAD is under the 20% vary of the day by day stochastic. The foreign money pair is in a bearish momentum. Apart from, the market has reached the oversold area. The promoting stress is more likely to finish whereas we count on the emergence of consumers.
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 four Hour Chart, USD/CAD is in a downward transfer. The pair has fallen to the oversold area after breaking under the shifting averages. The promoting stress has resumed after retesting the 21-day SMA. In the meantime, on October four downtrend, a retraced candle physique examined the 78.6% Fibonacci retracement stage. The retracement signifies that USD/CAD will fall however reverse at stage 2.zero Fibonacci extension or stage 1.2488.
Observe: Forexschoolonline.com will not be a monetary advisor. Do your analysis earlier than investing your funds in any monetary asset or introduced product or occasion. We aren’t accountable for your investing outcomes