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USDCAD Analysis – September 7
USDCAD buyers are poised to exit the market towards the supply zone at 1.3220. The two major levels, 1.2520 and 1.2900, had been rejecting the price to the upside and downside, respectively, until the price finally broke through the previous resistance at 1.2900 to the upside. Initially, an impression of the bulls dominating the market was created until the rejection at the resistance level of 1.3080 stirred the bears to rage the market and crash it into a discount.
USDCAD Significant Zones
Demand Zones: 1.2520, 1.2900
Supply Zones: 1.3080, 1.3220
USDCAD Long-Term Trend: Bullish
As the market crashed into a discount from the 1.3080 supply zone, the bulls awaited USDCAD to enter into the formed order block to take full control of the market. The sudden intervention of USDCAD buyers in the market forced the bears to close their trades as the price approached their stop losses. With the Bollinger Bands expanding to the upside and signaling that the market is in an uptrend, the price kept forming higher highs and higher lows.
As the market rallied upward, the resistance at 1.3080 consistently held the price down until after the third bounce. The 1.3220 level is a strong resistance that might take the bulls’ large volume of buy orders to get it broken. The upper fair value gap on the daily time frame rejected the price upward. This fair value gap was formed as a result of the sudden expansion of prices to the upside by the bulls in June. Ever since the market reversal on the 11th of August, 2022, USDCAD has been soaring upward with higher highs and higher lows.
USDCAD Short-Term Trend: Bullish
In the four-hour time frame, the market has been trending upward since August 11, 2022, with higher highs and higher lows. As USDCAD falls, the market is expected to run through the liquidities below the lows in the four-hour time frame.
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