USDCAD Finds a Rallying Point at a Significant Demand Level

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USDCAD Price Analysis – November 10

USDCAD finds a rallying point at the 1.23000 critical level. The market slipped off an uptrend at the beginning of October, and price has continued to drop since then. As price drops, USDCAD finds weak rallying points at the 1.25790 and 1.24700 significant zones and fell through them. However, 1.23000 proved capable of being a rallying point for buyers. USDCAD, therefore, is now observing a U-turn.

USDCAD Important Zones

Supply Zones: 1.30330 1.28300, 1.26500
Demand Zones: 1.25790, 1.24700, 1.23000

USDCAD Long Term Trend: Bullish

A previous rallying point for the market was at the 1.20300 critical zone. The bulls empowered this level to cause a U-turn in the market after the market trended downward for several months coming into the year 2020. Price reversal was eventually achieved in early May. This led to a rally in which the price rose by around 8%. USDCAD only began to fall again after repeated rejection at the 1.28300 price level.

After finding a strong rallying point at 1.23000, USDCAD is now attempting to execute another price reversal. The market has already assumed a curved bottom formation, which is already a reversal pattern. The Parabolic SAR (Stop and Reverse) also validates the U-turn with several dots below the daily candles. The MACD (Moving Average Convergence Divergence) also has its lines crossing each other upward from below the zero level, this is accompanied by increasing green histogram bars.

USDCAD Short Term Trend: Bearish

The short-term chart reveals that despite the ongoing price U-turn, there is opposition to the upward movement of USDCAD at the 1.24700 critical level. Hence, the Parabolic SAR’s dots have switched to the upside of the 4-hour candlesticks. The MACD indicator is also showing its line plunging from above the zero level, having crossed earlier. A retracement to the rallying point at 1.23000 might be the empowerment needed for bulls to break the current opposition to the upward movement of USDCAD.

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