Market Analysis – March 8
USDCAD has violated the bearish trendline on the daily chart. The market direction has changed to bullish. The buyers are flexing their muscles after a long period of continuous price decline.
USDCAD Key Levels
Support Levels: 1.3520, 1.3280, 1.2980
Resistance Levels: 1.3880, 1.4000, 1.4100
USDCAD Long-term Trend: Bullish
USDCAD Buyers have emerged from the descending triangle with great strength. The Average Daily Index (ADX) indicator is currently approaching 40, just like in September last year. The Moving Averages guided the daily candles from the support level of 1.2980 to the resistance level of 1.3880. Shortly after the Bears stormed the market at the supply level, the support level of 1.3520 was broken. The market moved away from the overbought region.
A lower high formed at 1.3690 after the ascent from the 1.3280 support level. The cross of the Moving Averages at the inception of the last month of the previous year fostered the rise in price to form the lower high at 1.3690. The market narrowed down between 1.3520 and 1.3280 in preparation for a breakout.
USDCAD Short-term Trend: Bullish
The bulls emerged from a double-bottom pattern. On the lower time frame, the ADX (Average Daily Index) has struck 40 to show the strength of the trend. The market is currently approaching 1.3880.
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