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USDCAD May Reverse at $1.3111 Level

USDCAD Price Analysis – June 27

In case the $1.3111 demand level holds and the bulls gain enough pressure, the USDCAD price may reverse at the level and return to the previous high of $1.3367.

USD/CAD Market

Key levels:

Supply levels: $1.3207, $1.3367, $1.3493
Demand levels: $1.3111, $1.2977, $1.2783

 

USDCAD Long-term trend: Bearish

On the long-term outlook, USDCAD continues the bearish movement. The Bears dominated the USDCAD market last week. The bearish pressure broke down the former demand level of $1.3207 and the currency pair found support at $1.3111 price level. The price may reverse or pullback at the level.

USDCAD Daily chart, June 27

In case the $1.3111 demand level holds and the bulls gain enough pressure, the USDCAD price may reverse at the level and return to the previous high of $1.3367. On the other hand, should the Bears exert pressure and the $1.3111 breaks down, the price may target $1.2977 level. Meanwhile, the Stochastic Oscillator period 14 is below 20 levels and the signal lines point down to indicate a further decrease in USDCAD price.

The USDCAD price retains its trading below 21 periods EMA and 50 periods EMA at a farther distance from each other.

USDCAD medium-term Trend: Bearish

USDCAD is bearish in the medium-term outlook. The bears are yet to give chances to the Bulls. However, the Bears reached the demand level of $1.3111 yesterday. The bearish momentum is getting weak as the Bulls are gradually coming up with the formation of bullish candles at the $1.3111 demand level.

USDCAD 4-hour chart, June 27

The 21 periods EMA remain below 50 periods EMA with wider distance from each other as a sign of an increase in bearish momentum. The Stochastic Oscillator period 14 is at 25 levels and the signal lines pointing up to indicate a buy 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.

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      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.