USD/CAD – The pair dipped below key support level
The USD/CAD currency pair on the 4-hour time frame has been following a downtrend recently. The price fell below the key support level of 1.31486 on 26 June. The price action in the USD/CAD is mainly driven by the recent weakness in the US dollar. As of writing, the price is hovering around 1.30920 with negative MACD and RSI below 50.
The 4-hour chart of the USD/CAD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the USD/CAD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 1.34319. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the USD/CAD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the USD/CAD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 1.34319. Bulls must break this level in order to regain bullish sentiment in the market.