USCAD: Fundamentally and technically bear
The USD/CAD pair has been exhibiting a bearish trend. Here are some recent observations:
Technical Forecast: The price is trading below the 22-SMA, and the RSI is below 50, favoring bearish momentum. The previous bullish trend encountered strong resistance at the 1.3802level.
-Current Situation: The USD/CAD price recently declined to the awaited correctional target at 1.3445. It may experience temporary sideways fluctuations before resuming negative trades. Breaking below this level could push the price toward 1.3392 as the next negative target.
Long-Term Outlook: The trend remains bearish, with the price below the 200-day average and several support levels broken. Short-term bounces should be approached with caution, with 1.3350 serving as the nearest old support.
Technical Forecast: The price is trading below the 22-SMA, and the RSI is below 50, favoring bearish momentum. The previous bullish trend encountered strong resistance at the 1.3802level.
-Current Situation: The USD/CAD price recently declined to the awaited correctional target at 1.3445. It may experience temporary sideways fluctuations before resuming negative trades. Breaking below this level could push the price toward 1.3392 as the next negative target.
Long-Term Outlook: The trend remains bearish, with the price below the 200-day average and several support levels broken. Short-term bounces should be approached with caution, with 1.3350 serving as the nearest old support.
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