USD/CAD Chart Rising Series Has Ended? - Kakiforex.com - Financial Market Media No. 1 in the World USD/CAD Chart Rising Series Has Ended? USD/CAD Chart Rising Series Has Ended?

June 22, 2021

USD/CAD Chart Rising Series Has Ended?

 The strengthening momentum of the US dollar, which faded earlier this week, was also seen breaking a series of gains on the USD/CAD chart.


In addition, the positive sentiment in the global oil market also supported the movement of the Canadian dollar as crude oil is Canada's main export.


Reports of a halted Iran nuclear deal have allayed concerns and given expectations for an increase in demand for crude oil in the market.


Thus, it can be observed that the price on the USD/CAD chart started to decline again earlier this week after the previous bullish series had reached the resistance zone at 1.24700.


The daily decline was recorded around 120 pips yesterday, the price has dropped from the resistance zone of 1.24700 to below 1.24000 and also passed the support level of Moving Average 50 (MA50) on the 1 hour time frame of the price movement.


This has given an early signal for a change to the bearish trend again making investors wary.



The possible decline is seen to be around 1.22700 to test the price zone first before the lower decline will return to the RBS zone (resistance become support) around 1.21800.


Yet if the price manages to continue last week’s rise, the resistance zone 1.24700-1.25200 will be an important zone to be tested.


A higher rise beyond the zone will record the highest price level for the 9 -week trading period.


For Loonie currency trading, Canadian retail sales data on Wednesday will be given attention that is seen to affect price changes.