broke the short-term sideways range to the downside in the preceding sessions, holding beneath the 1.3400 level.
According to the RSI, the market could maintain the latest downside momentum as the indicator is negatively sloped below its neutral threshold of 50, though the fast Stochastics suggest that the market is located in oversold territory, and therefore, some weakness is possible. The MACD is still extending the negative structure beneath its trigger and zero lines.
On the upside, the price could attempt to overcome the 1.3470 resistance and retest the 50- and then the 20-day simple moving averages (SMAs) at 1.3490 and 1.3530 respectively. If these lines successfully break the door could open for the 1.3700 psychological level. Should traders continue to buy the pair above the upper boundary of the channel, resistance could then run towards the 1.3850 area.
A downside move could find immediate support at the 1.3310 barrier, while slightly lower the 1.3225 level could also come into view. If the latter fails to halt bearish movements, the next target could be the 200-day SMA at 1.3165.
Turning to the medium-term trading, the outlook has been lacking direction over the last four months and only a dive below the 200-day SMA may switch the bias to bearish or a jump above the 29-month high of 1.3980 to bullish.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
USDCAD turns bearish in short-term after recent slump
ByXM Group
AuthorTrading Point
Published 01/13/2023, 06:35 AM
Updated 05/01/2024, 03:15 AM
USDCAD turns bearish in short-term after recent slump
USDCAD
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.