USDCAD Is Set to Make a Strong Upward Push

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


USDCAD Analysis – May 4

USDCAD is set to make a strong push to break out of its triangular confinement. The price is now getting to the tip of the triangle formation and the market is due to decide on its direction of movement. The bears had hijacked the market by breaking downward, but buyers padded the price to redirect it back upwards. Having been rejected again at the upper border, USDCAD is set to make a strong upward push when it touches the lower border.


USDCAD Key Zones

Resistance Levels: 1.31810, 1.30330, 1.28980
Support Levels: 1.26500, 1.23000, 1.20300

USDCAD Is Set to Make a Strong Upward PushUSDCAD Long Term Trend: Bullish

The wavy movement of the market along the ascending triangle is pretty obvious from last year into this year. The nature of the triangle (ascending) already gives a bias to the potential direction of the market, which is bullish. Therefore, a consistent market high is accompanied by consistent higher lows. This continues up until mid-march when sellers slipped the price below the triangle.

The outbreak by the sellers resulted in a fake breakout because the situation was dealt with adequately and the price returned to the triangle. The market reaches for the upper border and is rejected once again. As such, USDCAD is ready for a strong upward drive from the lower border of the ascending triangle.

USDCAD Is Set to Make a Strong Upward PushUSDCAD Short Term Trend: Bearish

The 4-hour chart shows that the price is now on descent after hitting the upper border at 1.28980. The market is currently in a general uptrend and will have to drop to the lower portion of its parallel channel to break the upper border with momentum towards 1.31810. The MA Cross is set to confirm downward movements while the Stochastic Oscillator has plunged to the oversold region of the chart.

How To Buy Lucky Block 

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *