USD/CAD Long-Term Analysis: Bullish
USD/CAD is in an uptrend as it consolidates above level 1.3015. Since June 17, the uptrend has been hindered at level 1.3100. Further upward moves of the pair are possible to the upsides. However, if the pair retraces and breaks below the moving average lines, the uptrend will be terminated. Meanwhile, on June 17, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the pair will rise to level 1.618 Fibonacci extension or level 1.34250.
USD/CAD Indicator Analysis
USD/CAD is at level 56 of the Relative Strength Index for period 14. The currency pair is in an uptrend zone and may further rise. However, it is facing resistance at level 1.3078. The 21-day line SMA and 50-day line SMA are sloping upward indicating the uptrend. USD/CAD is below the 40% range of the daily stochastic. The pair is in a bearish momentum and may further decline.
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?
On the 4-hour charts, USD/CAD is in an upward move as it consolidates above level 1.3015. The price is also making a series of higher highs and high lows. On July 14, the currency pair faces rejection at a level of 1.3200 high. USD/CAD has fallen above the moving average lines. A break below it will mean further selling pressure.
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