USD/CAD Lengthy-Time period Evaluation: Bearish
USD/CAD pair has been falling for the previous 4 days. It fell to the low of stage 1.2633 and above the 21-day SMA. A bullish candlestick is forming above the 21-day AMA. The upward transfer will start if the 21-day SMA assist holds. Conversely, if worth breaks under the transferring averages, one other spherical of promoting stress will resume. In the meantime, USD/CAD is buying and selling at 1.2669 on the time of writing.
USD/CAD Indicator Evaluation
The forex worth is above the 21-day and 50-day SMAs suggesting a attainable upward transfer. A break under the transferring averages will imply resumption of promoting stress. The 21-day and 50-day SMAs are pointing northward indicating an uptrend. The pair is at stage 50 of the RSI interval 14. It signifies that there’s a steadiness between provide and demand. The market is above the 80% vary of the every day stochastic. It’s in a bullish momentum however has reached the overbought area.
Main Resistance Ranges – 1.3300, 1.3400, 1.3500
Main Assist Ranges – 1.2300, 1.2200, 1.2100
What Is the Subsequent Path for USD/CAD?
On the 1-hour chart, the forex pair has exhausted its promoting stress. It additionally consolidated above stage 1.2645 for 2 days. Thirdly, the bullish momentum has reached an overbought area. The forex pair is prone to decline because it faces resistance on the latest excessive. Due to this fact, the upward transfer is uncertain.
Observe: Forexschoolonline.com is just not a monetary advisor. Do your analysis earlier than investing your funds in any monetary asset or offered product or occasion. We aren’t accountable for your investing outcomes