USDCAD Analysis: December 24
The USDCAD price is currently above the equilibrium level of the previous significant bullish move. USDCAD climbed within an ascending channel from the 1.250 demand level. The market rose as a result of crucial support levels. The support level at 1.300 caused the price to fly rapidly to 1.380. There was a bullish breakout of the rising wedge.
USDCAD Major Levels
Demand Levels: 1.320, 1.300, 1.270
Supply Levels: 1.400, 1.380, 1.370
USDCAD Long-term Trend: Bullish
The demand level at 1.300 proved to be very sensitive. The buyers appeared to have anticipated a retest of the demand level at 1.300. This resulted in a large influx of buyers, helping the price shoot higher.
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A head-and-shoulders bearish reversal pattern rests at 1.400. The buyers couldn’t push beyond the 1.400 supply level. The daily candles fell below the Moving Averages (periods 30 and 50). Since the support was established with the bullish trend line, the market has eventually risen above the Moving Averages. The market is slightly above the 50 per cent level of the last bullish swing. The market is expected to keep soaring higher toward 1.400.
USDJPY Short-term Trend: Bullish
On the lower time frame, the market has used the upper border of the rising wedge as a support to push higher. The market appears to be retracing towards the bullish trend line in search of support before pushing towards 1.400. Hence, the market is expected to keep soaring higher towards 1.400.
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