USDCAD Bears Seek Redemption Following Buyers’ Impetus Movement

USDCAD Price Analysis – January 26

USDCAD bears seek redemption following buyers’ impetus movement from the significant level of 1.24810 level. The price tendency of the market is generally defined by the bulls’ and bears’ pestering of several significant levels of influence. The battle for influence has been quite visible in the market price action. The bears are presently in control after the bulls failed to take a long impetus move. The bears are therefore inclined to propel the market lower.

USDCAD Price Levels:

Resistance Zones: 1.29180, 1.24810
Support Zones: 1.22710, 1.19980

USDCAD Long Term Trend: Bearish

The bearish fair movement emerged right after a swing break lower beyond the 1.29180 significant level. The sellers, from this aspect of view, singlehandedly gained their spot in the market, pushing over several price levels. Due to their impact on the market, the price rode down to the 1.9980 market-level before the price was advanced by the bulls.

However, the price atmosphere changed due to the buyer’s involvement in the USDCAD market. The bulls significantly pushed through with a solid trigger back to the 1.29180 significant level of influence as numerous price actions were touched. The buyers and the sellers then continue to fight for dominance in the market, and the bears are ready to push the price levels deeper. The Bollinger Band indicator’s middle level is being tested after the bulls failed to push the price below it. The sellers are looking forward to propelling influence from this height to the 1.24810 price level.

USDCAD Short Term Trend: Bearish

On the 4-hour chart, the price movement has undergone several adjustments in tendency. The market has been engulfed by a bullish moment and is now leaning toward a bearish influence as momentum builds. The stochastic oscillator shows the price level settling as the propelling continues lower. The bears are also falling through the Bollinger Band middle level as the price settles to seek redemption beyond the 1.24810 significant level.

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