USDCAD May Reach $1.2977 Level

Last Updated on

USDCAD Price Analysis – July 04

USDCAD price is moving down towards the demand level of $1.2977 in which it may be its target provided there is no interruption from the Bulls.

USD/CAD Market

Key levels:

Supply levels: $1.3111, $1.3207, $1.3367
Demand levels: $1.2977, $1.2783, $1.2638

 

USDCAD Long-term trend: Bearish

USDCAD is under the bearish momentum on the long-term outlook. GBPUSD price was above the $1.3111 level last week. The level could not hold the price as the Bears exerted a pressure. The Bears broke down the $1.3111 level on June 27, observed a pullback on July 01 and later continue its bearish trend. The price is heading towards $1.2977 demand level.

USDCAD daily chart, July 04

USDCAD price continues its trading below 21 periods EMA and 50 periods EMA at a distance far away from each other as a sign of bearish momentum. The Stochastic Oscillator period 14 is below 20 levels and the signal lines bending down to connotes further reduction in USDCAD price.

USDCAD price is moving down towards the demand level of $1.2977 in which it may be its target provided there is no interruption from the Bulls.

USDCAD medium-term Trend: Bearish

USDCAD is bearish in the medium-term outlook. The bears’ momentum is persistent in the 4- hour chart and the price is moving down steadily with little or no interruption from the Bulls. On July 01, the price pulled back above the 21 periods EMA and the $1.3126 level but the Bulls could not retain the pressure. The Bears took over the market again and the price is descending towards $1.2977 price level.

USDCAD 4-hour chart, July 04

USDCAD is still under 21 periods EMA and 50 periods EMA with close contact with each other as a sign of a decrease in bullish momentum. The Stochastic Oscillator period 14 is at 25 levels and the signal lines bending down to indicate a sell signal.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Views expressed are those of the writers only. Past performance is no guarantee of future results. Trading comes with severe risk. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.