USD/CAD Long-Term Analysis: Bullish
USD/CAD has resumed an uptrend as it may revisit level 1.3167 . The pair broke the resistance to reach the high of level 1.3076. Presently, the upward move has been hindered at level 1.3100 resistance zone. The currency pair is retracing to the downside. The current retracement is likely to be above the breakout level of 1.2900. USD/CAD will resume upward if it finds support above level 1.2900. Meanwhile, on May 3 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the currency pair will rise to level 1.618 Fibonacci extension or 1.3167.
.USD/CAD Indicator Analysis
USD/CAD is at level 60 of the Relative Strength Index for period 14. The pair is trading in the uptrend zone and is capable of a further move. The price bars are above the moving averages which indicate further upward moves. USD/CAD is below the 50% range of the daily stochastic. It implies that the market is in a bearish momentum. The 21-day line and the 50-day line moving averages are sloping upward indicating an uptrend.
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 chart, USD/CAD is in a smooth uptrend as it may revisit level 1.3167. The currency price is making a series of higher highs and higher lows. A bullish trend line is drawn showing the support level of prices. The uptrend is ongoing as long as the price bars are above the moving averages or the trend line. The uptrend is assumed terminated when price breaks below the moving averages or the trend line.
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