USD/CAD Lengthy-Time period Evaluation: Bearish
USD/CAD has been in a downtrend as bears goal stage 1.2364. The promoting stress could subside because the market reaches the earlier low at stage 1.2450. Moreover, the pair is approaching the oversold area of the market. Nonetheless, the market could additional decline if value breaks beneath the earlier low at stage 1.2450. In the meantime, on March 11 downtrend; a retraced candle physique examined the 38.2% Fibonacci retracement stage. The retracement signifies that the forex pair will fall to stage 2.618 Fibonacci extension or stage 1.2364.
USD/CAD Indicator Evaluation
The market has fallen to stage 37 of the Relative Energy Index for interval 14. The pair is prone to additional decline to the oversold area at stage 30 of the RSI. The value bars are beneath the transferring averages indicating an additional downward transfer. Presently, USD/CAD is above the 25% vary of the day by day stochastic. Nonetheless, the pair could fall beneath the 20% vary of the day by day stochastic because the bearish momentum resumes.
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 is in a downtrend as bears goal stage 1.2364. Right this moment,the pair has fallen to stage 1.2530. On March 24, USD/CAD declined to the low of stage 1.2509 and resumed consolidation above the present help. The market will additional decline if the bears break beneath stage 1.2500 help.
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