USDCAD Plunges Continuously After Sliding off Its Uptrend

20 October 2021 | Updated: 20 October 2021

USDCAD Price Analysis – October 20

USDCAD plunges continuously after sliding off its uptrend movement. The market began to be bearish on the 30th of September, crashing down to the uptrend line. By the next day, the price has dropped below the uptrend line and was only supported by the 1.26500 price level. The next daily candle was seen below the price level. There was a retest back to 1.26500 before the market continued plunging.


Significant USDCAD Levels

Resistance Levels: 1.24700, 1.26500, 1.28300
Support Levels: 1.23000, 1.21500, 1.20300

USDCAD plunges continuously USDCAD Long Term Trend: Bearish

USDCAD effectively commenced its uptrend movement on the 22nd of June after an upsurge in price to rest on the 1.23000 key level. Price began gallivanting upward, creating higher highs and lows. This continued until the bullish momentum was repressed at 1.28300. The market never really made it past this level as only the long wick of the daily candle is seen above the level.

Subsequently, the market begins to weaken, crashing time and again against the uptrend line. Eventually, USDCAD plunges below the trend line and the support at 1.26500. A quick retest was done against the price level before the market plunges continuously , falling through multiple key levels. The market is currently accumulating above 1.23000 to break further downward.

USDCAD plunges continuously USDCAD Short Term Trend: Bearish

The market is still full of momentum going downward. This is shown by the RSI (Relative Strength Index) having its signal line hovering above the oversold region. However, price is only accumulating around the 1.23000 support level. The alternating dots of the Parabolic SAR (Stop and Reverse) confirm that price is currently accumulating at this level before it plunges further.

USDCAD may plunge to as low as 1.20300 before it reverses.

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USDCAD Plummets From Its Uptrend Direction

13 October 2021 | Updated: 13 October 2021

USDCAD Price Analysis – October 13

USDCAD plummets from its uptrend direction after it fails to violate the 1.28300 resistance level. The market recently survived a scare when it dropped slightly from its uptrend line under pressure from 1.26500. But price did well to recover above the price level and then used it as a springboard to climb higher. However, the market’s climbing power has been repressed at 1.28300, to which price plummets.


USDCAD Key Levels

Resistance Levels: 1.24700, 1.26500, 1.28300
Support Levels: 1.20300, 1.21500, 1.23000

USDCAD plummets fromUSDCAD Long Term Trend: Bearish

USDCAD began its uptrend at the 1.20300 level and it has been moving steadily upward, breaking through several significant levels. Bearish pressure gradually increased as the market climbed higher. This was evident when price dropped below the trendline on the 2nd of September, but the market quickly recovered before the bears started working on it. However, after hitting 1.28300 on the 20th of September, the market has increasingly weakened.

USDCAD, therefore, fails to get past the 1.28300 key level as the price plummets to 1.24700. The Parabolic SAR (Stop and Reverse) indicator confirms that a fall in price commenced after the market was rejected at 1.28300. The dots from the indicator remained above the daily candles till today. The Stochastic Oscillator has its lines plunging from the overbought region to the oversold region. This means that USDCAD has therefore shifted into bearish territory.

USDCAD plummets from USDCAD Short Term Trend: Bearish

On the 4-hour chart, price can be seen reacting around the 1.24700 key level. Bulls are seeking a revival as price plummets. The Parabolic SAR indicator remains above the market on the 4-hours chart, while the Stochastic Oscillator lines have fallen back to the oversold region after a brief reprisal.

Bears remain in control of the market as USDCAD is approaching 1.23000.

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USD/CAD In The Buyer’s Territory!

6 October 2021 | Updated: 6 October 2021

USD/CAD is traded in the red at 1.2633 at the time of writing, but the bias is bullish after the US ADP Non-Farm Employment Change reported better than expected data earlier today. The indicator was reported at 568K compared to 425K expected.

The Dollar Index is bullish and it stands right below a dynamic resistance. Making a valid breakout and a new higher high could signal that the greenback could extend its growth. The USD/CAD price action signaled a potential growth ahead of the US NFP.

USD/CAD Technical Analysis!

USD/CAD failed to stabilize below the daily R1 (1.2625) level and now is fighting hard to stabilize above the ascending pitchfork’s media line (ml). A new higher high, a bullish closure above the 1.2648 immediate high could activate further growth.

The pair could climb higher after failing to come back to reach the daily pivot point of 1.2585 level. Technically, the price could move sideways before resuming its growth.

Conclusion!

As long as it stays within the ascending pitchfork’s body, the USD/CAD pair could come back towards the 1.27 psychological level.

 

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USDCAD Remains on an Upward Trajectory

29 September 2021 | Updated: 29 September 2021

USDCAD Price Analysis – September 29

USDCAD remains on an upward trajectory as it keeps bouncing off an uptrend line. This upward trajectory has enabled the market to systematically and continuously break through the resistance levels it encounters. The market is therefore seen displaying consistent higher highs and higher lows. However, the market was blocked from making a higher high the last time by the 1.28800 resistance level, but the price still made a higher low.


USDCAD Key Levels

Resistance Levels: 1.28000, 1.28800, 1.30330
Support Levels: 1.26500, 1.24700, 1.23000

USDCAD remains on an upwardUSDCAD Long Term Trend: Bullish

The coin began an uptrend after it disembarked from a downtrend at the 1.20300 support. USDCAD ranged for a while with 1.21500 as the resistance. After a while, price broke out and surged up to 1.24700, after which it made a retracement to 1.23000. From this support, price then made its way up gradually above the 1.24700 price level. USDCAD keeps repeating this pattern to remain in its upward trajectory.

USDCAD has, through this means, been able to climb up to 1.26500, from which it now faces a sterner test at the 1.28800 resistance level. The resistance level remains firm in preventing the upward movement above it, but the coin keeps making higher lows. Momentum remains with the bulls, as can be seen on the Relative Strength Index, which shows its signal line predominantly above the middle line. The market has currently bounced up from the trendline and the Stochastic Oscillator also shows upward crossed lines.

USDCAD remains on an upward USDCAD Short Term Trend: Bullish

The coin is on its way upward again to confront the 1.28800 resistance, but before that, it must first violate the 1.28000 level. The Stochastic Oscillator on the 4-hour chart has its lines climbing deep into the overbought region. There is now a cross of the lines, which means that a short period of retracement is likely to happen. The RSI indicator shows the market remains bullish even on the 4-hour chart.

The market will complete its cycle by reaching up to 1.28800 and will look to break further to continue its uptrend.

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USDCAD Remains Bullish Despite Dropping From an Ascending Channel

22 September 2021 | Updated: 22 September 2021

USDCAD Price Analysis – September 22

USDCAD remains bullish despite its setback in sliding out of its previous ascending channel. The market suffered a setback when it attempted to cross the middle line of the ascending channel, which appeared to intersect with the 1.28000 key level. This posed too strong a resistance zone for USDCAD, and as a result, price fell to the channel’s lower border and eventually out of it.


USDCAD Critical Levels

Resistance Levels: 1.28000, 1.28800, 1.30330
Support Levels: 1.26500, 1.24700, 1.20300

USDCAD remains bullishUSDCAD Long Term Trend: Bullish

USDCAD is still bullish, as it was when the price fell to 1.20300. Bulls immediately got to work and, after several weeks of ranging between the 1.21500 and the 1.20300 key levels, the market surged out of accumulation. The price rose to 1.24700, and despite a retracement, the market remained in the upper half of the ascending channel. Later on, a failed attempt to break out of the channel led to a plunge into the lower half of the channel.

After a few days of the gradual movement, another failed attempt to jump into the upper half of the ascending channel led to its drop out of the channel altogether. However, it is down but not out for USDCAD, which bounced up a trend line to find support at 1.26500. From this level, the market has been pushing to test the resistance levels above it. The Moving Average Convergence Divergence is certainly displaying the bullish vigor of the market with an upward cross of its line above the zero level.

USDCAD remains bullish USDCAD Short Term Trend: Bearish

On the 4-hour chart, the market is seen to have tapered down into a descending triangle and broken out to the upside, where it has gone past 1.28000 to test 1.28800. Though price was rejected, it remains around the 1.28000 key level where it is now forming into another triangle pattern to push price up. The EMA period 20 (Exponential Moving Average) remains below the 4-hour candles as support and we could see a price breakout towards 1.30330.

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USDCAD Remains in an Uptrend, as Price Tends to Pull Back to the 1.26100 Significant Level

15 September 2021 | Updated: 15 September 2021

USDCAD Price Analysis – September 15

USDCAD tends to pull back as the market continues to rally upward. It demonstrates that the bulls appear to be in charge despite the bears continuing to exert pressure on the market. The price appears to be responding to the trend line structure, with historic highs being broken. Therefore, despite being in an upswing, the market is expected to pull back.


Significant USDCAD Levels

Resistance Levels: 1.28320. 1.26100
Support Levels: 1.24870. 1.23080

USDCAD tends to pull back USDCAD Long Term Trend: Bullish

USDCAD has been in a bullish state for a while now. The price first rallied upward, breaking through the 1.23080 significant level before it then made a pullback to it. The market also broke beyond the 1.24870 and 1.26100 significant levels. A high was then created around the 1.28320 level before the price rallied down. The trend line is then retested as the market remains in an uptrend to create a new high.

USDCAD tends to pull back to around 1.26100 as the price has reacted at this level before. The market will, however, continue its uptrend movement as long as the bulls continue to gain more strength. The Parabolic SAR (Stop and Reverse) indicator shows dots below the trend line. It indicates the general direction of the market, which is a bullish trend.
USDCAD tends to pull back

USDCAD Short Term Trend: Bearish

On the 4-hour chart, the price is assumed to pull back before a progressive rally. After a retest at 1.26100, there was an engulfing bull candle. It indicates that the price still rallies upward as the bulls continue to gain more control. The RSI (Relative Strength Index) indicator shows price above the middle level. It shows that the buyers are still in control as the market awaits a pullback. The Parabolic SAR displays several dots below the recent low, indicating the general trend. The market will, however, continue in its uptrend movement as the price tends to pull back to the 1.26100 significant level.

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USDCAD’s 1.2630 capping the downside, US inflation data in sight

14 September 2021 | Updated: 14 September 2021

Key Support: 1.2630
Key Resistance: 1.2650 – 1.2750

The USDCAD bounced off the 1.25 level last week creating a nice 247 pip weekly range on a +1.97% bullish run (low to highs). We are looking at a possible USD bullish breakout today which could bring bullish momentum in this market.
The 1.2690 to 1.27 level is capping the upside here but the overall bullish structure remains intact.

The highest probability trade is to the upside but should CPI numbers miss expectations short term sellers are hitting the bid in the USD bringing bearish momentum here.

My trade rationale, however, is looking to add to my already long trade from last week on a breakout of this continuation pattern.

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USD/CAD Upside Continuation Needs Confirmation!

13 September 2021 | Updated: 13 September 2021

USD/CAD has decreased a little today after reaching 1.2695 level. It has dropped as much as 1.2660 where it has found demand again. Technically, the price has escaped from a reversal pattern, so an upside movement is natural and expected.

Also, the Dollar Index is still very strong. A valid breakout through 92.80 level could announce an upside continuation. This scenario could force the USD/CAD to jump higher. Tomorrow, the US inflation data could be decisive. 

USD/CAD moves somehow sideways in the short term trying to accumulate more energy before jumping higher. The price stands above the weekly and daily pivot points. It could climb higher as long as it stays above these levels.

It could come back down to test and retest the 1.2654 weekly pivot point before deciding the direction. A new higher high, a bullish closure above 1.2695 today’s high may activate an upwards movement. Dropping and stabilizing below the weekly pivot point could signal a deeper drop.

Conclusion!

The USD/CAD could resume its upwards movement it it stays above the pivot point and after registering a new higher high.

 

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USDCAD Is on a Bullish Trend and Price Is Expected to Pull Back

8 September 2021 | Updated: 8 September 2021

USDCAD Price Prediction – September 8

USDCAD is on a bullish trend and we expect to see price retracement beyond the 1.26120 significant key level. The market will continue this way as the buyers continue to gain and lose momentum. The price is seen to be retesting the trend line before assuming a pullback. As the momentum decreases, the price will be seen to go lower, below 1.26120, and even head to 1.24870, a significant key level.


USDCAD Important Zones

Resistance Levels: 1.28320, 1.26120
Support Levels: 1.24870, 1.23080

USDCAD is on a bullish USDCAD Long Term Trend: Bullish

USDCAD first assumed its bullish trend when the price first broke through the 1.23080 significant key level. It then rallied to a new high of 1.24870 before making a progressive pull back to the 1.23080 level. As the market begins to retest these levels, new higher highs are formed. However, an uptrend line is formed as the price continues to gain bullish momentum. Following that, the price broke through the 1.26120 significant key level and ascended to a new high at the 1.28320 significant key level. Price is seen responding on the trend line and around the 1.26120 level as the bears continue to apply pressure to the market.

USDCAD has already broken the trend line and is heading back to react at the significant point of 1.24870 before reverting. The market is now positioned to retest the trend line pattern and pull back beyond the key milestone of 1.26120. Despite the cross around the oversold zone on the 1day chart, the signal line is returning to the same level. This implies that retracement is unavoidable. The bears continue to have scant market power.

USDCAD is on a bullish USDCAD Long Term Trend: Bearish

On the 4-hour chart, the price can be seen reacting to the trend line structure. As a result, it is likely to correct itself before the bullish trend resumes. The Stochastic Oscillator indicator has crossed over the overbought zone. This indicates that there will be a pullback, with the price anticipated to go below 1.26120 before correcting. Price has broken out of the Bollinger Band indicator and is anticipated to re-enter it. However, the price may fall to the middle range before the bullish trend resumes. USDCAD is thus in a bullish trend, and a pullback beyond the 1.26120 key level is unavoidable.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

USDCAD breaking reversal structure: BUYS IN PLAY

7 September 2021 | Updated: 7 September 2021

Key support: 1.25
Key Resistance: 1.27 – 1.28

The USDCAD has bee trading down for the past 2 weeks (-2.66%) but we are still looking for longs here. The reason is that the overall trend in this market is bullish (more so with crude recovering from its drop to 61).

The immediate bearish structure was broken with today at the same time price broke with the weekly pivot and the 1.2580 level.

price has also bounced from the lows at the retest of the 1.25 level (big psychological level) whilst printing, again, bullish divergence on my oscillator extreme lows. The last time we printed these extreme lows (in a lower low)was back in July 30th and price then went up on a 4.21% rally.

My trade idea here is to capitalize on a high probability bullish run based on everything explained here.

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