USD/CAD Is in a Downtrend, Could Discover Help above Degree 1.2702

USD/CAD Lengthy-Time period Evaluation: Bullish
USD/CAD is  retracing from the 1.2900 resistance zone however might discover help above stage 1.2702. The pair will retrace to the low of stage 1.2676 or above the shifting averages. It’ll resume a contemporary uptrend if value retraces and finds help above the shifting averages. Nevertheless, if value breaks under the shifting averages, the promoting stress will proceed. The market will additional decline to the low of stage 1.2472.

USD/CAD Indicator Evaluation
USD/CAD is at stage 58 of the Relative Energy Index for interval 14. The pair continues to be within the uptrend zone and it’s able to additional upward transfer. The 21-day line and the 50-day line shifting averages are sloping horizontally indicating a sideways transfer. The pair has been in a sideways development since December 2021. USD/CAD is under the 20% vary of the each day stochastic. It implies that the market has reached the oversold area of the market. The present downtrend will attain bearish exhaustion.

    USD/CAD Is in a Downtrend, May Find Support above Level 1.2702
USD/CAD – Each 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 Course for USD/CAD?
On the 4-hour chart, USD/CAD has resumed its downtrend however might discover help above stage 1.2702. In keeping with the Fibonacci device evaluation, the forex pair will retraced to the 78.6% Fibonacci retracement stage or stage 1.2702 . Additionally, tt might discover help above the 50-day line SMA.

     USD/CAD Is in a Downtrend, May Find Support above Level 1.2702
USD/CAD – Four Hour Chart

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