USD/CAD price activities appear to be caught between tailwind and headwind. Consequently, this has caused the pair’s price action to lack a clear direction at this point. However, let’s further examine this market for more insight.
Major Price Levels:
Top Levels: 1.3337 1.3380, 1.3410
Floor Levels: 1.3307, 1.3300, 1.3270
USD/CAD Price Ranges Between a Narrow and Sideways Price Channel
Price action in the USD/CAD daily market failed to break the resistance level formed by the middle limit of the Bollinger Band indicator. This happened during the previous trading session. Currently, a bearish price candle has just appeared off the aforementioned resistance level. Consequently, this further narrows the trading range from about 1.3442–1.3260 down to 1.3336–13260. The Average True Range indicator curve has just recently indicated that price action now has a downward bearing. Likewise, the RSI indicator lines have resumed their downward path, and this gives the USD/CAD market a bearish outlook.
USD/CAD Price Maintains Its Bearish Characteristics
On the 4-hour USD/CAD market, price activity continues to trend downward. Over the past two trading sessions, selling seem to have become the most predominant market activity. As a result, this further depresses this market. The Stochastic RSI lines can be seen racing for the oversold region. The lines of the RSI indicator are now at 44 (lagging) and 11 (leading). Also, the Average True Range indicator curve has also taken a downward path, thus indicating that the market remains on a downward path. Consequently, traders can expect USD/CAD prices to soon fall below the 1.3270 price level.
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