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USDCAD continues to react near the old price level of 1.27860. The reaction in price movement occurred due to buyers’ failure to overcome price movement beyond the 1.27860 level of significance. The market, however, undergoes a reaction near this level as bears are seen in the display of price movement. Due to the bulls’ failure, the bears can successfully take the price back to the trend line before another bullish rise occurs in the market.
USDCAD Market Levels:
Resistance Levels: 1.29720, 1.27860 Support Levels: 1.24450, 1.20020
USDCAD Long Term Trend: Bullish
The short traders in the market first settled the price down in bearish movement till the price action finally got to the 1.20020 level of effect. The Bulls’ frontage emerged in this instance around June. The USDCAD market then experienced an uptrend format, as the market has now begun to follow a trendline in price movement. The price tendency begins to swing high and low on the trendline, indicating the bull’s progress and the bear’s hindrance in the market.
As the bullish order begins to unfold, the price is seen to be severing various notches in the market. The price activity is now reacting near the 1.27860 level of influence in the market. The buyers are not willing to lift the price. However, the sellers are determined to push the price back to the trendline as the RSI (Relative Strength Index) demonstrates a cross in the middle level to sell the region.
USDCAD Short Term Trend: Bearish
The 4hr chart market displays price frontage following a bearish break down to 1.24450, a significant level. The bulls, however, pushed the price back to 1.27860, and from there, the market has been causing a reaction at this level. The price is predicted to decline as the momentum indicator is dropping following a retest at the 1.27860 price zone.
Note:Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.
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