2013.12.11 | USDCAD Market Analysis
USDCAD Trends & Major Market Levels
The USDCAD currency pair has been falling in forex market trading today with the USDCAD registering a high of 1.06155 and reaching to a low of 1.05839 on the day. Over the longer term trend, the pair continues to be in an uptrend as seen on the daily chart by the 90-day Linear Regression Channels below while short-term trends data shows the pair is currently in a short-term downtrend with prices trading under the 21-period linear moving average.
The USDCAD has turned lower after topping out last week at the 1.0700 area. Further decline below 1.0600 support will likely set up a test of the major 1.0500 level which will likely be seen as a buying support level after this level provided resistance (that was eventually overcome) in late October and in November.
USDCAD Trends Data: Linear Regression Indicator
10-day current trend is BULLISH / Trend strength of 9.3 pips
30-day current trend is BULLISH / Trend strength of 251.7 pips
60-day current trend is BULLISH / Trend strength of 378.0 pips
90-day current trend is BULLISH / Trend strength of 205.0 pips
180-day current trend is BULLISH / Trend strength of 338.1 pips
Fibonacci Retracement Levels: Past 100 Days
— 0.000 – 1.07067
— 0.236 – 1.05826
— 0.382 – 1.05058
— 0.500 – 1.04438
— 0.618 – 1.03817
— 0.764 – 1.03049
— 1.000 – 1.01808
By CountingPips.com – Forex Trading Apps & Currency Trade Tools
Disclaimer: Foreign Currency trading and trading on margin carries a high level of risk and volatility and can result in loss of part or all of your investment. All information and opinions contained do not constitute investment advice and accuracy of prices, charts, calculations cannot be guaranteed.
