Over the past three consecutive trading sessions, bears have been dominant in the USD/CAD market. Furthermore, this ongoing trading session has commenced with the bears staying dominant. Will price action descend further? Let’s check it out.
Major price Levels:
Top Levels: 1.3600, 1.3620, 1.3640
Floor Levels: 1.3572, 1.3550, 1.3530
USD/Cad May Extend ItUSD/CAD Portrays a Gloomy Outlook
Applied trading indicators on the USD/CAD daily market appear to be predicting further price decline. The ongoing trading session portrays bearish activities, and this has plunged the pair’s price below the 23.60 Fibonacci support level. Also, the Stochastic RSI is making a steep run for the oversold region, with the leading line at the 28.47 level. Likewise, the Average True Range Indicator is pointing steeply toward the 0.01000 level from 0.01068. The above-mentioned technical indicators are all predicting that bearish momentum is strong, and for this reason, the price may continue to fall lower in the meantime.
USD/CAD Stays Poised for a Continued Downtrend
Price action on the USD/CAD 4-hour market has touched down on an important Fibonacci level of 23.60. Furthermore, the last price candle here is bearish while trading indicators as well are still indicating a continued bearish market tone. The RSI curves have reached the oversold and they remain shaped to move lower. Additionally, the ATR curve is now bending towards the 0.00390 level. In conclusion, technical indicators are pointing to a bearish tone, for now. Therefore, traders can expect that price may fall toward the 1.3580 mark.
Do you want to take your trading to the next level? Join the best platform for that here.