USDCAD Awaits a Retest to Confirm a Breakout

Azeez Mustapha


Unlock Daily Forex Signals

Select a Plan


1 - month



3 - month



6 - month






Separate Swing Trading Group



Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Service for copy trading. Our Algo automatically opens and closes trades.


The L2T Algo provides highly profitable signals with minimal risk.


24/7 cryptocurrency trading. While you sleep, we trade.


10 minute setup with substantial advantages. The manual is provided with the purchase.


79% Success rate. Our outcomes will excite you.


Up to 70 trades per month. There are more than 5 pairs available.


Monthly subscriptions begin at £58.

USDCAD Analysis – May 11

USDCAD awaits a retest to confirm its breakout from a triangle formation. Despite the market posing favourably for the buyers, it was the sellers who drew the first blood by plummeting the market to the downside of the triangle pattern. A retest was, however, needed to confirm the downward movement. The buyers, however, were able to circumvent the market and restore the price to a bullish breakout tendency.

USDCAD Key Levels

Resistance Levels: 1.33240, 1.30330, 1.28980
Support Levels: 1.28300, 1.24700, 1.23000

USDCAD Awaits a Retest to Confirm a BreakoutUSDCAD Long Term Trend: Bullish

The price assumed the structure of a rising triangle as the market influencers sought to determine the direction of the market. A consistent high has been maintained by the market ever since, while the lows keep shrinking upwards. This predisposes the USDCAD to an upward breakout and the market awaits a surge beyond the regular resistance at 1.28980.

However, the market sellers tried to pull a fast one, such that the price unexpectedly broke the uptrending border of the market. The sellers attempted a pullback to the lower border to push the market further downward, but instead, the market was pushed back above the lower border. A steep drive of the MACD (Moving Average Convergence Divergence) lines shows that buyers have regained the market.

USDCAD Awaits a Retest to Confirm a BreakoutUSDCAD Short Term Trend: Bearish

The 4-hour chart shows that after pulling the price back up, the market went further to leverage on the 1.27200 key level to spring further upwards. The double retest was done at the key level before it eventually violated the resistance at 1.28980. The market now awaits a retest back to the upper border to confirm its breakout and surge towards 1.33240.

How To Buy Lucky Block 

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit

Share with other traders!

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.

Leave a Reply

Your email address will not be published. Required fields are marked *