USDCAD Impulsive Breakout hit 1.380

Market Analysis – September 28

USDCAD Impulsive Breakout hit 1.380. The USDCAD market has just reached its highest price this year. The United States Dollar currency continues to roar aggressively against the Canadian Dollar. 

USDCAD Major Levels

Support Levels: 1.200, 1.250
Resistance Levels: 1.300, 1.380

USDCAD Long-Term Trend: Bullish

USDCAD Impulsive Breakout resulted from a longtime gyration with a bullish channel. In May, the market dipped to the oversold region at 1.2000. The Moving Averages period nine and twenty-one crossed to reveal the initiation of an uptrend. There was a shift in the market structure from bearish to bullish after the demand level at 1.2000 was tested. The bulls utilized the demand zone at 1.200 to go long in the market.

USDCAD lurked within the major resistance level at 1.300 and the major support level at 1.250. This lasted for about seven months since the beginning of the year. The market continued to make higher highs and lows during the period. The market made a retest on the 1.3000 resistance level. This prompted the impulsive breakout of the bullish channel. The market rallied aggressively to hit 1.380.

USDCAD Short-Term Trend: Bullish

The Stochastic Indicator shows that the market is currently oversold. A correction is therefore expected after the impulsive breakout. The market is expected to retrace towards 1.300. The anticipated pull-back is expected to prompt more accumulation for the bulls at discounted prices to shoot higher. 

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