USD/CAD Long-Term Analysis: Ranging
USD/CAD pair is presently consolidating above level 1.2600. On September 3, the pair fell to the low of level 1.2493 as bulls bought the dips. USD/CAD rebounded to reach the high of level 1.2762. The upward move was interrupted as the pair fell to a range-bound move above level 1.2600. As price consolidates, a breakout or breakdown can easily occur. Meanwhile, on September 8 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that USD/CAD will rise to level 2.0 Fibonacci extension or level 1.3023.
USD/CAD Indicator Analysis
The crypto’s price is above the 21-day and 50-day SMAs suggesting a possible upward move. USD/CAD is at level 53 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. USD/CAD is above the 25% range of the daily stochastic. The market is in a bullish momentum.
Major Resistance Levels – 1.3300, 1.3400, 1.3500
Major Support Levels – 1.2300, 1.2200, 1.2100
What Is the Next Direction for USD/CAD?
USD/CAD is likely to resume upward after the range-bound move. Presently, the currency pair is fluctuating between levels 1.2620 and 1.2700. The uptrend will resume if price is above level 1.2700. Presently, the pair is trading in the middle of price range. A breakout will push the pair above level 1.3000.
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