USD/CAD Rallies to an Overbought Area, Might Face Rejection

USD/CAD Lengthy-Time period Evaluation: Bullish
USD/CAD pair is in an uptrend. The forex pair has damaged above the shifting averages to retest stage 1.2800 overhead resistance. The present uptrend has reached the overbought area of the market. The implication is {that a} additional upward transfer is unlikely. Moreover, the 1.2800 overhead resistance has not been damaged since July. The forex pair has been in a sideways transfer for the previous 5 months. Every time the overhead resistance is retested, the pair would decline to the low of stage 1.2500. At this time, the USD/CAD value is retesting the 1.2800 overhead resistance.

USD/CAD Indicator Evaluation
The forex pair is at stage 70 of the Relative Power Index for interval 14. The market has reached the overbought area. Sellers are more likely to emerge to push costs down. The forex value bars are above the shifting averages which point out a doable rise of the pair. USD/CAD has a bullish crossover. That’s, the 21-day SMA crosses above the 50-day SMA indicating a purchase sign. USD/CAD is above the 80% vary of the day by day stochastic. Additionally, it signifies that the market has reached an overbought area.

USD/CAD – Day by 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 Path for USD/CAD?
On the four Hour Chart, USD/CAD is in a easy uptrend. The forex value is making a sequence of upper highs and better lows. At this time, the pair is buying and selling at stage 1.2828 on the time of writing. The present uptrend is more likely to attain bullish exhaustion because the market reaches the overbought area.

USD/CAD – four Hour Chart

Notice: Forexschoolonline.com just isn’t a monetary advisor. Do your analysis earlier than investing your funds in any monetary asset or offered product or occasion. We aren’t chargeable for your investing outcomes

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *