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Market Analysis – December 27
USDCAD Breaks out of a symmetrical triangle on the daily chart. The market has witnessed a bearish displacement towards demand zones. The cross of the bearish trendline and the bullish trendline has fostered a breakout.
USDCAD Key Levels
Supply Levels: 1.3700, 1.3800, 1.3850
Demand Levels: 1.3540, 1.3390, 1.3300
USDCAD Long-term Trend: Bearish
A head-and-shoulders bearish reversal pattern formed below the 1.3850 supply zone. A prominent shadow above the supply zone revealed the rejection at the level. The daily candles dropped below the Bollinger Bands’ midline to show the market had switched from bullish to bearish. A change of character prompted a bearish displacement to the demand zone at 1.3300.
The Stochastic indicated an oversold market on the 14th of November. A bullish structure with higher highs and lows climbed up to 1.3700. A double top has formed, which has resulted in a bearish shift in the market structure.
USDCAD Short-term Trend: Bearish
The market is about to retest the confluence of the trend lines. The Stochastic is in the oversold region. A bearish displacement is expected to shoot to 1.3390.
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