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USDCAD Analysis – October 12
USDCAD buyers remain dominant as the market rallies upward. The overall trend became bullish after the two-year low was reached at 1.20129. Before that, the market had been gyrating within a descending channel. This descending channel began its course in December 2020.
USDCAD Major Zones
Demand Zones: 1.3500, 1.3220
Supply Zones: 1.4060, 1.4500
USDCAD Long Term Trend: Bullish
The descending channel that was used by the USDCAD sellers to ride the bearish trend into this year was invalidated on the 29th of April, 2021. After the two-year low was reached, the market reversed to the upside. In the course of the reversal to the upside, the market rallied upward and formed an equal high (EQH) at the 1.29490 price level. For months, the 1.29490 has remained a strong resistance since August 20, 2021. The struggle by the USDCAD buyers to break the equal highs caused the emergence of an ascending channel. The ascending channel was used to drive prices steadily upward until the liquidity above the equal highs was cleared off.
A swing low was formed on August 10, 2022, as the price retraced downward after hitting the previous resistance at 1.3220. The cross to the right of the candlesticks by the Simple Moving Average indicates that the current market trend is bullish. Similarly, the cross above the zero level of the Moving Average Convergence Divergence indicates that the USDCAD buyers are currently in control of the market. The sudden rally away from the diagonal support attracted more USDCAD buyers into the market recently, as prices now head towards the 1.4060 supply zone.
USDCAD Short Term Trend: Bullish
Ever since the previous resistance at 1.3220 got broken on the 15th of September 2022, the USDCAD buyers have been in control of the market. The market is expected to resume its uptrend as soon as prices hit the four-hour bullish order block.
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