USD/CAD Long-Term Analysis: Ranging
USD/CAD is in a sideways trend as it targets the 1.3021 high. The pair is in an uptrend as it reaches the high of 1.2990. The currency pair is fluctuating below level 1.3100 overhead resistances. Since May 12, buyers have been making concerted efforts to keep the price above level 1.3100 but were repelled.
USD/CAD Indicator Analysis
USD/CAD is at level 58 of the Relative Strength Index for period 14. It indicates that the pair is in the uptrend zone and may rise. The moving average lines are sloping horizontally indicating a sideways move. USD/CAD is above the 80% range of the daily stochastic. The market has reached the overbought region. The currency pair is likely to fall as it reaches the overbought region.
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 in an upward correction as it targets the 1.3021 high. Meanwhile, on the August 18 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that USDCAD will rise to level 1.272 Fibonacci extension or level 1.3021. From the price action, the currency pair has reached the high of level 1.2993.
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