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USDCAD Analysis – August 31
USDCAD bears finally led the market towards a resistance level of 1.3080. The year 2022 has been clumsy, with a barely noticeable upward movement. The 1.2460 support level has been a strong level since the beginning of the year. The market resumes its trend to the upside in the first week of June 2022.
USDCAD Significant Levels
Resistance levels: 1.3080, 1.3220
Support levels: 1.2680, 1.2460
USDCAD Long-term Trend: Bullish
Ever since the rejection of the market at the support level of 1.2460, buyers have been purging the price towards the 1.3080 resistance level. The market kept forming higher highs and higher lows as it left the oversold region in April 2022. With the Moving Average Convergence Divergence (MACD) indicator revealing the swift change of the market trend to the downside, it appeared the buyers had finally taken control of the market until the sellers invaded the market in May and crashed the market to the downside.
The resumption of the market’s trend to the upside on the 6th of June was due to the order block formed at the immediate left of the low of the wave. This uptrend resumption was further confirmed by the Simple Moving Average (SMA) indicator. As prices rallied upward, an inefficiency was formed in the market. This inefficiency is expected to be filled later in the future. The current year 2022 high at 1.3220 caused a shift in market structure to the downside. This high is not expected to be broken until the fair value gap at the 1.2680 demand zone is filled.
USDCAD Short-Term Trend
The current market trend in the four-hour time frame began its upward movement on the 11th of August, 2022. A shift in market structure is expected to crash the market to the downside with the four-hour time frame acting as a retracement level. As the downward movement is being invoked upon the market by the sellers, the four-hour time frame lows are expected to be swept off to enable a further decline to the downside.
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