Annual Forecast for USDCAD (2024)

USDCAD Annual Forecast – The Market Is Currently Following a Bearish Format

USDCAD market is currently following a bearish format as the bears keep giving it a clear influence. However, USDCAD price action has undergone several tests of significant price values in the market movement. The price level first follows sellers’ direction to the very low of the 0.94200 market zone, and this serves as a key zone around the mid-2007-2009 years.

USDCAD Significant Zones

Resistance Zones: 1.47400, 1.20700
Support Zones: 1.06200, 0.94200

USDCAD Long Term Plan: Bearish

The buyers in the market then pushed the market’s tendency forward with a strong impulse. The price shot above the 1.20700 price level before the sellers decided to shake the price tendency back to the 0.94200 market level. USDCAD market is now clearly viewed as the buyers’ succeeded in pushing the price influence upward. The Bollinger Band indicator also shows a price retest in the middle band following the price push up by the bulls to the 1.4700 market.

Currently, on the monthly chart timeframe, the price movement is analyzed to be consolidating between the price levels of 1.4700 and 1.20700. The Bollinger Band indicator curtailed the price movement within range despite the bears currently controlling the price movement. We, therefore, expect price movement down to the 1.20700 price level. After that, the market is expected to shoot up following a drop to 1.20700. The price will rebound from the Bollinger Band lower level.

USDCAD Short Term Plan: Bullish

Price movement on the weekly timeframe significantly followed both the bulls’ and bears’ formations during the consolidation zone. However, when the consolidation phase elapses, the market is anticipated to follow a strong bearish direction after a bullish retest back at the 1.47400 significant level before prices begin to drop downward. As the motion continues, we expect to see the market break through the 1.20700 and 1.06200 levels in the middle of 2022 as the bearish impulse increases.

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