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USDCAD Price Analysis – August 6
USDCAD is climbing up through a parallel channel to make up for lost prices. The market ended the year 2020 on a bearish note, which spiraled into this year. Price continuously bounced downward till it got to the 1.20300 key level on the 11th of May 2021, where the downtrend was abated. USDCAD then began a sideways movement that lasted for about a month before buyers began wielding a greater influence on the market.
USDCAD Key Levels
Resistance Levels: 1.26500, 1.28000, 1.28800
Support Levels: 1.24700, 1.21500, 1.20300
USDCAD Long Term Trend: Bullish
The market began moving upwards through an ascending channel. The first task for USDCAD was to take off beyond the 1.21500 resistance. This it did through the aid of the middle line of the channel. Upon climbing up, the market surged up prematurely to strong resistance at 1.24700, and this is evident in how the price fell in an instant, but the mid-line of the channel kept it up. USDCAD found support at 1.23000, at which point it began gradually climbing again.
After price finally ascended above 1.24700, it impatiently spiked up again beyond 1.26500 to 1.28000. This led to another slump in price, even down to the lower half of the channel. During this fall, unlike the previous time, price dropped below the channel’s mid-line and also traded to the downside of the MA period 14 (Moving Average) to give a bearish scare, but USDCAD has now recovered via the 1.24700 level to move up. Hence, bullish momentum has been restored.
USDCAD Short Term Trend: Bullish
Price has grown gradually to reach below the 1.26500 key level. The key level is proving impenetrable. This can be seen in how the signal line of the RSI (Relative Strength Index) indicator has plunged from the overbought region. The bulls, however, are also being resilient in breaking through and the RSI signal line now has its tip bent upwards. The MA period 14 has moved under the daily candles to show that the bullish impulse is intact.
We expect to see USDCAD eventually break above the 1.26500 resistance, which will give it a free run towards the 1.28000 price level.
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