USD/CAD Lengthy-Time period Evaluation: Bearish
USD/CAD is nonetheless in a downtrend as bulls resumes uptrend. For the previous 4 days, the forex pair has been correcting upward because it reached the excessive of 1.2619. The upward correction is going through rejection on the latest excessive. In the meantime, on March 11 downtrend; a retraced candle physique examined the 50% Fibonacci retracement stage. The retracement signifies that USD/CAD will fall to stage 2.zero Fibonacci extension or 1.24855. From the worth motion, the forex pair has reversed however consolidated above the present assist earlier than resuming uptrend.
USD/CAD Indicator Evaluation
The pair is at stage 48 of the Relative Power Index for interval 14. It’s within the downtrend zone and under the centerline 50. The pair is able to falling to the draw back. The 21-day line and the 50-day line shifting averages are sloping southward indicating the downtrend. USD/CAD is above the 80% vary of the every day stochastic. The pair has reached bullish exhaustion. Sellers will emerge within the overbought area.
Main Resistance Ranges – 1.3300, 1.3400, 1.3500
Main Assist Ranges – 1.2300, 1.2200, 1.2100
What Is the Subsequent Path for USD/CAD?
On the 4-hour chart, USD/CAD is in an uptrend as bulls resumes uptrend. The uptrend was stalled on the excessive of stage 1.2611. The pair is going through rejection on the latest excessive because the market reaches the overbought area. Immediately, the pair has resumed upward after breaking above the 21-day line SMA.
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