USDCAD Continues the Market Trend in an Upward Direction

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USDCAD Analysis – July 19

USDCAD continues market trend in an upward direction. After breaking the 1.3220 level on November 2nd, 2022, the market entered a downtrend for the first half of the year. Following the market crash, USDCAD rallied from its one-year low and broke the previous resistance level of 1.2520 on July 8th, 2021.

USDCAD Major Zone

Demand Zone: 1.2820, 1.2520
Supply Zone: 1.3080, 1.3220

USDCAD Long-Term Trend: Bullish

After successfully breaking through the previous resistance level on July 8th, 2021, the pair rallied to the next resistance level at 1.2820, forming a head and shoulders pattern. The bears broke the neckline of the head and shoulders pattern, but only for a short time before the bulls took over and drove the market past the previous resistance level of 1.2520 to continue the market’s upward trend.

On the daily timeframe, it appears that the bears are having difficulty breaking through the 1.2520 support level. The last bounce in this demand zone at 1.2520 preceded the market’s correction after entering the overbought region as indicated by the Relative Strength Index (RSI). This greatly increased market volatility as many bulls stormed the market and drove it upward to the 1.3080 resistance level in less than nine days.

USDCAD Short-term Trend: Bearish

On the four-hour timeframe, the bears had to wait for the market to break above the double top at 1.3080 in order to have their sell orders filled by the available liquidity above the resistance level; this event resulted in the fake-out, as the price quickly fell downward with increased volatility.
USDCAD is expected to fall further until the double top neckline is successfully broken and the market reaches the demand zone at 1.2520 before resuming its upward trend.

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