USDCAD Has Resumed Its Bullish Run

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USDCAD Analysis – April 13

USDCAD has resumed a bullish run after its last bullish run for the previous year ended in November. This occurred after the distribution in the market that led to the demand zone at $1.2300. The dollar increased in value as the buying pressure increased at the demand zone. The Moving Averages crossed early enough to confirm to go long. The market surged to reach 1.2950.

USDCAD Major Zones

Demand Zone: 1.2450, 1.2300
Supply Zone: 1.2850, 1.2950

USDCAD Long Term Trend: Bullish

The market formed a head and shoulder pattern beneath the supply level pattern. The new bearish run was hindered at 1.2450. The market found supply. This helped the bulls resume their bullish run. A triple top pattern was formed at 1.2850. This revealed that the bulls experienced difficulty reaching higher prices in the market.

There was a structural market shift on the 16th of March. The market resumed the bearish phase after several weeks of consolidation. The demand zone at 1.2450 was tested for the second time. There were spikes beneath the demand zone. The false breakout occurred on the 30th of March and the 5th of April. The market has resumed its bullish run after the second false breakout.

USDCAD Short Term Trend: Bullish

The Moving Average has switched positions to signify that the market has initiated a new trend. The daily high on the 1st of April has been cleared to show a market direction change. USDCAD has resumed a bullish run to aim for the supply level at $1.2850.

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