USD/CAD Long-Term Analysis: Bullish
USD/CAD is in an uptrend as it targets the high of 1.2933. The currency pair was earlier in a downward correction as price rebounded above level 1.2458. Yesterday, the pair rose above level 1.2458 as the market reached a high of 1.2726. Further upward movement of the pair is likely. Meanwhile, on April 12 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 1.2933. From the price action, the market has reached the high of level 1.2716.
USD/CAD Indicator Analysis
USD/CAD is at level 59 of the Relative Strength Index for period 14. The pair is trading in the uptrend zone as it continues to reach the previous high. The 21-day line and the 50-day line moving averages are sloping horizontally indicating a sideways move. The currency price bars are above the moving averages indicating a further upward movement of the pair. USD/CAD is above the 80% range of the daily stochastic. The pair has reached 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 has resumed its uptrend as it targets the high of 1.2933. The pair is trading in the bullish trend zone. There is a likelihood of a further upward movement of the pair. The currency pair will revisit the previous high of level 1.2901 if the current bullish momentum is sustained.
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