USDCAD Bears Finally Drove the Market Into a Demand Zone

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USDCAD Analysis – August 24

USDCAD bears finally drove the market into the demand zone at 0.9950. Since May 2021, the bears have been in charge of the market. The market has been forming lower highs and lower lows since May 25th, 2021. With the Parabolic SAR indicating both the impulsive and corrective waves, USDCAD continues to break the market structure downward without regard for the demand zone.

USDCAD Significant Zones

Demand Zones: 0.9950, 0.9610
Supply Zones: 1.0370, 1.2260

USDCAD Long-term Trend: Bearish

As the US Dollar continues to fall against the Canadian Dollar, it appears that the bulls have been successfully squeezed out of the market because they have no opportunity to change the market environment. On February 10th, 2022, an order block was formed in the market, which served as the bearish factor that caused the preceding consolidation. The consolidation pushed the market lower until it reached the previous demand zone of 1.0370 on May 13th, 2022.

The previous demand zone struggled to reject price upward after three consecutive tests of the zone because the market environment remains bearish and the bulls are not yet ready to leave the market. The zone’s failure opened the door for more bears to storm the market into an oversold region, as indicated by the RSI indicator on July 14, 2022.

USDCAD Short-term Trend: Bearish

In the four-hour time frame, the USDCAD overall trend is bearish. With two major levels retracing prices downward, at 1.0370 and 0.9950, the market may remain bearish until a successful shift in market structure occurs.

The market is expected to continue to fall and range between 0.9950 and 0.9610 before breaking above a swing high, which will change the market trend upward.

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