USD/CAD Lengthy-Time period Evaluation: Ranging
USD/CAD pair is in a sideways transfer under the overhead resistance at degree 1.2800. On November 22 uptrend; the forex pair reached the excessive of degree 1.2705. The present uptrend has been terminated because the market reached the overbought area. Nonetheless, after a minor retracement, the upward transfer has resumed retesting the 1.2800 overhead resistance. Nonetheless, the overhead resistance at degree 1.2800 has not been damaged since July.
USD/CAD Indicator Evaluation
The forex pair is at degree 65 of the Relative Power Index for interval 14. The pair is within the uptrend pattern zone and has room to rally on the upside. The worth bars are above the 21-day SMA and the 50-day SMA indicating a attainable upward transfer. USD/CAD is above the 25% vary of the each day stochastic. The market has resumed bullish momentum.
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, the pair is in an upward transfer. The forex worth is above the 50-day line however under the 21-day line transferring averages. The pair has rebounded above the 50-day line transferring common. It’s struggling to interrupt above the 21-day line transferring averages. USD/CAD uptrend will obtain an accelerated motion when worth breaks above the transferring averages.
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