USDCAD Buying Pressure Continues to Intensify

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USDCAD Analysis – December 7

USDCAD buying pressure continues to intensify as buyers still coordinate to push further. As more buying activity is seen on the currency pair, the bulls are determined to extend their run. As the Canadian currency continues to weaken, the US dollar keeps gaining strength to push forward. A buying spike is now seen on the daily chart as the momentum indicator keeps pushing forward. In the coming days, buying tendencies will be traded close to the 1.37430 key zone. As a result, buyers will continue to try their luck in the market.

USDCAD Key Zones

Resistance Levels: 1.38880, 1.37430, 1.34180
Support Levels: 1.32450, 1.27810, 1.24500

USDCAD Long-Term Trend – Bullish

The bulls have been quite active recently, owing to November’s play. The sell traders were unable to engage in price activity below the 1.32450 key zone. Sellers’ unwillingness to drive the price lower gave buyers the strength to push beyond this key level. The bulls have recently begun to swing upward in the market. Before buying momentum progressed from the 1.32450 key zone, sellers held the price swing back at the 1.34180 significant level.

The buyers keep building up strength at the moment. The parabolic SAR (stop and reverse) indicator is trading in response to buying activity on the daily chart. With strong buying momentum, a breakout beyond the 1.37430 key zone is possible. This is because the bulls are still likely to push further in the market as the US dollar continues to strengthen. The MACD (moving average convergence and divergence) indicator is also trending in a positive direction.

USDCAD Short-Term Trend – Bullish

The USDCAD market is currently experiencing price growth. Although sellers are still very active, the bulls are still poised to pose a greater threat to the market. As buying activity continues, a break is plausible beyond the 1.37430 key zone.

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