USDCAD Awaits a Retest to Confirm a Breakout

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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 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 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.

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