USD/CAD Long-Term Analysis: Bearish
USD/CAD is in a downward move but may resume upward. The pair fell to the low of level 1.2564 as bulls bought the dips. It may further decline to the low of level 1.2472. Since January, USD/CAD has been holding above level 1.2472 before resuming the uptrend. According to the daily stochastic, the currency pair has reached an oversold region of the market. The current downtrend may subside as the pair reaches the oversold region.
USD/CAD Indicator Analysis
USD/CAD has fallen to level 37 of the Relative Strength Index for period 14. The pair is trading now in the bearish trend zone and it is approaching the oversold region of the market. The price bars are below the 50-day line SMA and the 21-day line SMA indicating a possible fall of the pair.USD/CAD is below the 20% range of the daily stochastic. The market has reached the oversold 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 a downward move but may resume upward. The price bars are below the moving averages indicating a possible fall of the pair.
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