USDCAD Buyers Seek to Take Price Back to the Resistance Level

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USDCAD Price Analysis – March 3

USDCAD buyers seek to take the price back to the 1.29530 fundamental level. The bulls are undeniably eager to push the price level up to this critical level and beyond. When the market retested the 1.24500 critical level, price activity showed bullishness. Buyers pushed the price through the 1.26580 level, where price accumulation began. Price analysis recently revealed that the bulls are willing to re-establish influence at the vital level of 1.29530 with an increase in momentum.

USDCAD Significant Levels

Resistance Level: 1.29530, 1.26580
Support Levels: 1.24500, 1.2000

Before the onset of the bullish uptrend, the market’s price disposition shifted from an accumulation of prices to a downward distribution around the 1.2000 fundamental level. In the market, the bullish bias was evident. Furthermore, the bulls begin to ride the market with strength on the trendline, and the price tendency breaks several market levels. The bull’s determination continues in the market with substantial influence.

However, the sellers were not left out of the market. The sellers changed the market trend when the bulls reached their high of 1.29530, altering the bullish movement several times. Nevertheless, the buyers are still inclined to increase the price. The market accumulation near 1.26580 will give the buyers enough force to ride beyond the critical level of 1.29530 and even break beyond.

USDCAD Short Term Trend: Bullish

The 4-hour chart provides us with the recent time transformation of the market from the bearish order to the bullish order cycle. However, after price accumulation around 1.26580, the bulls will ride the price movement as the MACD (Moving Average Divergence and Convergence) indicator is close to giving a cross beyond the 0.00 level. A bullish expectation towards the 1.29530 fundamental level should be considered as the price rises above the middle level of the Bollinger Band also.

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