USDCAD Analysis – June 8
USDCAD bears overturn the market in their favour as the price breaks out from the lower border of its triangle design. The market was initially riding a bullish wave as it undulates through an ascending channel to violate the upper frame of the triangle. However, on reaching the 1.30330 critical level, USDCAD stops abruptly and reverses. From there, the price plummets through key levels and the lower frame of the triangle.
USDCAD Critical Levels
Resistance Levels: 1.31810, 1.30330, 1.28980
Support Levels: 1.24700, 1.25790, 1.27200
USDCAD Long Term Trend: Bearish
The ascending triangle pattern that the market forges into is bullish. Therefore, the bias is for the market to break to the pattern’s upside. Surprisingly, the bears seize the initiative and plunge the market downward, beyond the lower frame of the triangle. However, the downtrend is cut-off at 1.24700 and the buyers recover the price.
After the price recovery, the buyers are ready to execute the market’s bias to the upside of the triangle pattern. The market indeed glides through multiple key levels and breaks the upper frame of the triangle pattern. There is an abrupt stoppage and reversal at 1.30330, and USDCAD embarks on the downtrend. This violates all the support level and breaks to the downside of the triangle structure. The down trending MACD lines highlight the strength of the bears.
USDCAD Short Term Trend: Bearish
The 4-hour chart is giving indications that the strength of the bears is waining after smashing through the several price levels. As a result, the price is now having to negotiate its way through the support levels. The Moving Average Convergence Divergence (MACD) lines is taking a gentle upward bend, and miniature bullish histogram bars are also appearing. The Parabolic SAR (Stop and Reverse) remains positioned above the candles as the price reaches for 1.24700.
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