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USDCAD Price Analysis – August 12
Bears cancel out bulls on USDCAD to leave the market hanging in the balance. The bulls forged the market into a cup and handle formation, which was a reversal technique to push price up. This activity spanned 60 trading days from the 21st of April to the 14th of July 2021. Price would go on to break out of the formation upwards on the 15th of July and ascend to 1.28090, but that is the highest price level that USDCAD has attained since then.
USDCAD Significant Levels
Resistance Levels: 1.29450, 1.28090, 1.26050
Support Level: 1.24950, 1.24300, 1.22600
USDCAD Long Term Trend: Bullish
USDCAD was knocked back to the price level that was above the cup-and-handle pattern. Bulls, still under the influence of the reversal formation, tried to rally, but there was a sharp rejection at 1.26050. Bears went further to cancel out the effort of the Bulls by plummeting the market further to 1.24950. The market will bounce up again, but not beyond 1.26050 before falling again. In summary, this battle for supremacy has left price ranging.
The Stochastic Oscillator tells us that the market is currently in a state of equilibrium as bears cancel out the upward movement in price. But the market bias is still with the bulls due to the influence of the cup-and-handle pattern. Its effect, though, is waning, but it is still strong enough to swing the price in favor of the buyers. The bulls are currently trying to push up from the current trading level above the 1.24950 key level.
USDCAD Short Term Trend: Ranging
We could still see some sideways movement in price for a couple of days before the market decides on the direction of movement. USDCAD has fallen back to 1.24950 but the market opened today with a bullish candle. The Stochastic Oscillator reveals price in the oversold region and a push-up in the market is imminent.
In the short term, we expect USDCAD to travel to 1.26050 in a ranging movement until momentum builds and the market breaks out on the upside to 1.28090.
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