Price activity in the USDCAD market has previously bounced off the support near the 1.3510 mark. However, today’s trading activities haven’t been too profitable for the US dollar. Subsequently, this has made the dollar appear generally weak against its counterpart.
Key Price Levels:
Resistance Levels: 1.3550, 1.3600, and 1.3700
Support Levels: 1.3500, 1.3450, and 1.3400
USDCAD Remains Pressured by Headwinds
The USDCAD market hasn’t been able to significantly reverse its downtrend. Such attempts made in the previous session failed as the USD dollar was unable to sustain its upside correction. As a result, the ongoing session seems to have indicated that the market is heading southward. Price action in this market still remains generally around the lowest limit of the Bollinger Bands.
On the contrary, the Relative Strength Index (RSI) indicator lines are still rising out of the oversold region. This may be largely due to the record profits in the previous session. Nevertheless, bearish traders are still in luck since trading activities remain below the middle limit of the Bollinger Bands.
USDCAD Bears Are Determined to Remain in Control
Bears in the USDCAD 4-hour market are generally still in the driving seat. This is so despite the minimal upside correction seen in the ongoing session. Price activity on this chart has earlier challenged the middle limit of the Bollinger Bands as resistance but failed in the just-concluded session.
Consequently, this has placed the pair trading below the middle limit of the Bollinger Bands. Another signal affirming bearish pressure in this market is the RSI indicator lines, as they have delivered another crossover, which will lead to a downward trend. Consequently, trading activities will likely head towards the 1.3500 mark.
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