USD/CAD Long-Term Analysis: Bearish
USD/CAD made a brief upward move but was resisted at level 1.2200. The pair has resumed a downward move. If the bearish momentum is sustained, USD/CAD is likely to decline to the targeted price of level 1.1754. Meanwhile, on March 22 downtrend; a retraced candlestick tested the 38.2% Fibonacci retracement level. This retracement indicates that the pair will decline to level 2.618 Fibonacci extension or the low of level 1.1754.
USD/CAD Indicator Analysis
USD/CAD has fallen to level 28 of the Relative Strength Index period 14. It indicates that the pair has reached the oversold region of the market. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
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 has resumed a downward move after rejection at level 1.2200. According to the Fibonacci tool analysis, the pair will decline to level 1.1754. The market has fallen to the oversold region, and buyers are likely to emerge.
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