USDCAD Experiences a Bearish Breakout

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Market Analysis – January 10

USDCAD experiences a bearish breakout after a long period of ascending. The buyers have utilised the bullish trend line multiple times to regain bullish momentum. Finally, the Bears appear to have seized control of the market.

USDCAD Key Zones

Resistance zones: 1.370, 1.390, 1.410
Support Zones: 1.330, 1.290, 1.250

USDCAD Experiences a Bearish Breakout

USDCAD Long-term Trend: Bearish

The sellers have displayed their dominance through the breakout from the symmetrical triangle. In June, the Bulls took off from an overbought region. Three White Soldiers led the market from the oversold region. On the daily chart, the bullish trend line was anchored by the corresponding lows formed by the lower highs. The month of September was very bullish. The Williams Percent Range rested in the overbought region.

A head and shoulders pattern formed after the market reached 1.390. The daily candles have fallen below the moving average period nine, indicating a bearish trend. The market bounced off the ascending trendline but failed to create a new (higher) high. A new head-and-shoulders pattern formed at 1.370. The Williams Percent Range indicates the market was well overbought. The sellers drove the market beyond the supporting trend line.USDCAD Experiences a Bearish Breakout

USDCAD Short-term Trend: Bearish

The price is likely to decline to the lower support level of 1.330. The Williams Percent Range is oversold on the 4-hour chart. The retest of the ascending trendline is expected to aid the selloff towards the support zone.

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Azeez Mustapha

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.