FX.co ★ Fxcaptain | USD/CAD

T E C H N I C A L _ A N A L Y S I S U S D / C A D I wish all members a good morning, and I wish you all good health and the smooth running of all your affairs . The current price behavior of the USD/CAD market is the subject of my article today. The market price of USD/CAD is currently running in the 1.3837 area. Generally, the market of USD/CAD may remain slow and sideways this week. Moreover, a weakening USD will also be a trigger that will cause USD/CAD to move down again in the future. Meanwhile, the relative strength index (RSI) (14) is hovering in the bearish range of 35.00-45.00, suggesting that bearish momentum has been triggered. So today, sellers still can maintain their dominance to push prices lower. At the same time, the Moving average convergence divergence (MACD) indicator also provides information about the USD/CAD market position. The signal line or slow line is below the zero line or midline.

Currently, the 50 EMA and 20 EMA are functioning as a dynamic resistance, it is situated at 1.3994-1.4121. The EMA 50 period is quite accurate in the role of dynamic resistance. The lower resistance level for USD/CAD is 1.4787 with the center level at 1.5787. The market price may rise further toward the 1.6121 resistance area in the described scenario. On the other hand, the upper support level for USD/CAD is 1.3112 with the center level at 1.2015. It will be essential to perform a technical analysis to determine whether the price will break this support level and continue lower, forming a buy entry point. The market price may decline further toward the 1.1501 support area in the described scenario. If you would like to share your thoughts on USD/CAD in the comments section of this thread, please do so. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: