USDCAD Analysis – September 14
USDCAD bulls aim to break through the 1.3220 resistance level. Since the beginning of the year, the USDCAD has kept the market bullish. Participants in the USDCAD have been sceptical of determining the market’s bias with much precision as they reluctantly drive USDCAD to the upside. As the 1.3420 attracts price, the current market structure is bullish.
USDCAD Significant Zones
Demand Zones: 1.2730, 1.2520
Supply Zones: 1.3220, 1.3420
USDCAD Long-Term Trend: Bullish
The demand zone at 1.2520 has been very strong, rejecting prices to the upside every time it is touched. Because of the bullish order block formed on May 8, 2022, the market bounced out of the demand zone on June 8, 2022. The bullish order block resulted in a break of the previous high, propelling USDCAD into the 1.3220 supply zone. The impulsive leg formed from the low of the demand zone at 1.2520 to the high of the supply zone at 1.3220. It was used as the swing impulse in which prices retraced into its discount on July 21st to shift the market structure to the downside.
On August 11th, the market swept off the liquidity below the low formed on August 1st, 2022. After returning to a bullish order block, the liquidity taken was used to propel USDCAD to the upside by shifting the market’s structure to the upside. As the market rallied towards the 1.3220 supply zone, the bullish order block that formed as the market continued upward was used to further propel prices upward.
USDCAD Short Term Trend: Bullish
Since August 11th, 2022, the USDCAD market has been in an upward trend. The bullish order block that formed on August 26th rejected prices to the upside as the market rapidly surged upward and entered a bearish order block, which may not change the market environment to a downtrend. Before resuming its upward trend into the 1.3220 supply zone, the market is expected to fill the liquidity void created along the way up. This could occur before or after the liquidity pool above the double top is exhausted.
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