USD/CAD Lengthy-Time period Evaluation: Bearish
USD/CAD is in a downward transfer however in a sideways pattern as it might resume an uptrend. The forex pair has been declining from the excessive of degree 1.2947 to the low of degree 1.2520. The pair seems to have reached bearish exhaustion. In the meantime, on January three downtrend, a retraced candle physique examined the 78.6% Fibonacci retracement degree. The retracement signifies that the pair will fall to degree 1.272 Fibonacci extension or degree 1.2535.
USD/CAD Indicator Evaluation
USD/CAD is at degree 39 of the Relative Power Index interval 14. The pair is within the downtrend zone and under the centerline 50. The 21-day SMA and the 50-day SMA are sloping in a sideways transfer indicating the range-bound transfer. When the worth bars are above the shifting averages the forex pair will resume up trending. USD/CAD is above the 80% vary of the each day stochastic. The market has reached the overbought area. The pair might decline.
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?
USD/CAD is in a downward transfer as value reaches the low of 1.2480 however it might resume an uptrend. In the meantime, on January 2 downtrend, a retraced candle physique examined the 61.8% Fibonacci retracement degree. The retracement signifies that the pair will fall to degree 1.618 Fibonacci extension or degree 1.2423.
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