USDCAD Bears Redirect the Market Momentum in Their Favour

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USDCAD Analysis – June 1

USDCAD bears have reconstructed the market to push momentum in their favour. Buyers were assumed to have full control over the market. They had interrupted the bearish flow below the triangle pattern and redirected the market upward. After that, the market enjoyed a period of an unabated uptrend that breaks the upper border of the triangle. This continued for a while till the price was cut short at 1.30330.

USDCAD Significant Levels

Resistance Levels: 1.28980, 1.318100
Support Levels: 1.26500, 1.27400

USDCAD Long Term Trend: Ranging

The triangle market structure being employed was initiated in December 2020. While the price maintained a regular high of 1.28980, it is seen making consistent higher lows to drum up momentum in the market. Bears took the first initiative by pushing the currency pair down and out of the pattern. But barricades were set up, which stopped the price from driving lower.

From there, the market began climbing upwards, violating the critical level and the upper border of the triangle pattern. However, on reaching 1.30330, the bears also struck unexpectedly. The immediate response was a substantial dip, which redirected the momentum in the sellers’ favour. The MACD (Moving Average Convergence Divergence) indicator lines have fallen to zero level with strong bearish histogram bars on display.

USDCAD Short Term Trend: Bullish

Despite breaking the general design of the market, USDCAD is set to maintain its up and down intermittent movement due to alternating actions by the bulls and bears. According to the 4-hour chart, the price is expected to make another higher low from its current level of 1.27400. Indeed, bullish reversal candlesticks are already being formed at 1.27400. First, the market will have to overcome the MA period 50 (Moving Average).

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