USDCAD Buyers Aim at the 1.3720 Supply Zone

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USDCAD Analysis- September 21

USDCAD buyers aim at the 1.3720 supply zone as they keep rallying prices higher. The current market’s order flow is bullish. The bullishness began typically after sweeping off liquidity below a diagonal support on the 1st of June. Before the fake-out, the market was in a downtrend. With the swing impulse formed on the 18th of March, 2020 and the 1st of June, 2021, the USDCAD keeps rallying into the premium where they can take profits.

USDCAD Significant Zones

Demand Zones: 1.2950, 1.2450
Supply Zones: 1.3420, 1.3720

USDCAD Long-Term Trend: Bullish

On the daily chart, the swing high was reached on the 18th of March, 2022 after an actual gap up above the 1.3420 supply zone. The US Dollar kept sinking lower throughout the year 2020 as the Canadian Dollar kept soaring higher in strength. In the year 2021, the bears once again continued to sink prices downward as prices began to respect a new channel to the downside. Towards the end of June 2021, the market began to recuperate from the long-term bearishness as the USDCAD buyers now seized the movement of the market to the upside.

On June 1st, 2021, the market began a new motive wave to the upside. With impulse wave 3 appearing to be the longest of the five waves, impulse wave 5 will not exceed the 1.3720 supply zone before the corrective wave looms in. The fake-out at the diagonal support in May 2020 was used to sweep off liquidity and enable the price to gain enough momentum to rally upward. A diagonal support was used between April and September 2021 by the USDCAD buyers to ride the tide until it was ignored after the fourth bounce upward.

USDCAD Short Term Trend: Bullish

The market’s bullishness on the four-hour chart was a result of the liquidity grabs below the double bottom on August 14 and below the diagonal support on September 12. The market is expected to keep soaring high into the 1.3720 supply zone. This is highly probable if USDCAD buyers grab the liquidity below the old low at 1.3139.

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