Market Analysis- May 24
The USDCAD market is currently experiencing difficulty establishing a trend. A symmetrical triangle has formed on the daily chart to prepare the market for a breakout.
USDCAD Key Levels:
Demand Levels: 1.3300, 1.3170, 1.2980
Supply Levels: 1.3520, 1.3690, 1.3880
USDCAD Long-term Trend: Ranging
The USDCAD market displayed a prominent bullish trend from mid-February to early March. The market expansion followed the accumulation phase, which was characterized by the formation of a range. The rest of the demand level of 1.3300 was used to provide support for longs.
The price escaped from the oversold level, as seen on the Stochastic indicator, at the second test of the support level in February. The Parabolic SAR ( Stop and Reverse) formed points beneath the candlesticks to show a bullish trend.
A bearish trend followed immediately after reaching the supply level of 1.3880. The support level of 1.3300 was tested again in April. This led to a bullish shift in market structure.
USDCAD Short-term Trend: Bearish
Shortly after the bullish takeoff, a double top formed to reveal the indecisiveness of the market. The Stochastic is neither overbought nor oversold on the daily chart. A breakout is currently anticipated to provide insight into the next direction of the market.
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