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Market Analysis – January 4
USDCAD ascending strength begins to wane. The buyers are showing signs of exhaustion as the price keeps rising.
USDCAD Key Levels
Supply Levels: 1.390, 1.370, 1.420
Demand Levels: 1.330, 1.290, 1.250
USDCAD Long-term Trend: Bullish
The buyers have ruled over the market since the price tookoff from the oversold region at 1.250. The market ascended steadily with the aid of the ascending trendline. The higher lows formed on the bullish trendline. The demand levels provided support to pump the price. Each pullbacks were used to gather momentum to push higher.
The strength of the trend rose significantly in September. There were multiple days of consecutive price rises. The Average True Range had a steeply rising slope in September to reveal the bullish strength.
The market posted a head-and-shoulders bearish reversal pattern. The market immediately retraced to the oversold region at 1.330 in November. USDCAD ascending strength shows signs of exhaustion. Buyers appear to be pushing prices up lethargically from the 1.330 support zone. The Average True Range has declined to show a weakness in the uptrend.
USDCAD Short-term Trend: Bullish
USDCAD has launched from the ascending trendline to resume the uptrend. The market has reached the resistance level of 1.370. The Stochastic and the RSI (Relative Strength Index) are overbought. The market is expected to retrace to the bullish trend line to gain energy to push higher than 1.370.
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