USDCAD Buyers’ Strength Dwindles as Bears Influence Price.

USDCAD Price Analysis – February 2

USDCAD buyers’ strength dwindles as bears influence price movement in the market. The buyers are in favor of seizing price movement upward, but, price activity is held bound by the bears in the market currently. For the bulls to proceed with their race back to the 1.29120 significant level, the buyers must be ready to buy more positions to overtake the bears’ grip in the market.

USDCAD Market Levels:

Resistance Levels: 1.29120, 1.24890
Support Levels: 1.22790, 1.9970

USDCAD Long Term Trend: Bullish

For a long time, the demand for price activity has been in the favour of the bulls in the market. The bulls have made a considerable movement in the market’s affluence. The bullish ride first emanated around early June. The market momentum begins to increase as the price activity progresses. As the bulls pushed through several levels, their momentum grew until the price reached a significant level of 1.29120.

However, from this level, the bear’s influence becomes vividly clear. Price movement flocked downward to form a solid rest at the 1.22790 level of influence. The buyers’ taking over again shows they are not willing to give up on price affluence. They, however, moved the price back to its old high of 1.29120, a significant level, before the sellers pushed through again. The bulls are currently in control of price leverage, but sellers are also causing a holdback in price movement.

USDCAD Short Term Trend: Bullish

On the 4-hour chart, the market is assuming a bullish rise in price movement after the bear downswing. The bulls are successfully pushing prices up. However, the sellers are retracing the upward price movement. The MACD (Moving Average Convergence & Divergence) indicator shows the price trending lower as the market is pulling back in a bullish trend. After the pullback, the price is expected to rise back to a significant level of 1.29120.

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