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USD/CAD Reaches Overbought Area as It Faces Rejection at Degree 1.2900


USD/CAD Lengthy-Time period Evaluation: Bullish
USD/CAD is in a sideways transfer because it faces rejection at stage 1.2900. Since December 2021, the forex pair has been in a sideways transfer beneath the 1.2900 overhead resistances. Consumers have did not preserve the worth above the overhead resistance. Every time the overhead resistance is retested, the market would fall above the shifting averages. In the meantime, on April 13 uptrend; a retraced candle physique examined the 50% Fibonacci retracement stage. The retracement signifies that the forex pair will fall to stage 2.zero Fibonacci extension or stage 1.2896.

USD/CAD Indicator Evaluation
The forex pair is at stage 62 of the Relative Energy Index for interval 14. Regardless of the retracement, the pair is within the uptrend zone and it’s able to additional upward transfer. The value bars are above the shifting averages indicating an extra rise of the forex pair. USD/CAD is above the 80% vary of the every day stochastic. It implies that the market has reached the overbought area of the market. The pair is prone to decline from the overbought area.

USD/CAD Reaches Overbought Region as It Faces Rejection at Level 1.2900
USD/CAD – Day by day Chart

Technical indicators:
Main Resistance Ranges – 1.3300, 1.3400, 1.3500
Main Assist Ranges – 1.2300, 1.2200, 1.2100

What Is the Subsequent Course for USD/CAD?
On the 4-hour chart, USD/CAD is in a sideways transfer because it faces rejection at stage 1.2900. The pair has been making optimistic strikes which have confronted rejection on the current excessive. Right this moment, the pair is rising to retest the overhead resistance.

USD/CAD Reaches Overbought Region as It Faces Rejection at Level 1.2900
USD/CAD – Four Hour Chart

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