USDCAD Is on a Bullish Trend and Price Is Expected to Pull Back

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USDCAD Price Prediction – September 8

USDCAD is on a bullish trend and we expect to see price retracement beyond the 1.26120 significant key level. The market will continue this way as the buyers continue to gain and lose momentum. The price is seen to be retesting the trend line before assuming a pullback. As the momentum decreases, the price will be seen to go lower, below 1.26120, and even head to 1.24870, a significant key level.

USDCAD Important Zones

Resistance Levels: 1.28320, 1.26120
Support Levels: 1.24870, 1.23080

USDCAD Long Term Trend: Bullish

USDCAD first assumed its bullish trend when the price first broke through the 1.23080 significant key level. It then rallied to a new high of 1.24870 before making a progressive pull back to the 1.23080 level. As the market begins to retest these levels, new higher highs are formed. However, an uptrend line is formed as the price continues to gain bullish momentum. Following that, the price broke through the 1.26120 significant key level and ascended to a new high at the 1.28320 significant key level. Price is seen responding on the trend line and around the 1.26120 level as the bears continue to apply pressure to the market.

USDCAD has already broken the trend line and is heading back to react at the significant point of 1.24870 before reverting. The market is now positioned to retest the trend line pattern and pull back beyond the key milestone of 1.26120. Despite the cross around the oversold zone on the 1day chart, the signal line is returning to the same level. This implies that retracement is unavoidable. The bears continue to have scant market power.

USDCAD Long Term Trend: Bearish

On the 4-hour chart, the price can be seen reacting to the trend line structure. As a result, it is likely to correct itself before the bullish trend resumes. The Stochastic Oscillator indicator has crossed over the overbought zone. This indicates that there will be a pullback, with the price anticipated to go below 1.26120 before correcting. Price has broken out of the Bollinger Band indicator and is anticipated to re-enter it. However, the price may fall to the middle range before the bullish trend resumes. USDCAD is thus in a bullish trend, and a pullback beyond the 1.26120 key level is unavoidable.

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