USDCAD May Reverse at $1.3111 Level ByAzeez MustaphaPRO INVESTOR Updated: 21 August 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. 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.
