USDCAD Is Undulating in an Upward Direction

USDCAD Analysis – June 15

USDCAD is undulating in an upward direction. The market’s latest move sees it bounce back off the conduit channel’s lower border to reach the channel’s upper border. The bullish strength in the market is currently very strong. However, there are hesitations as the price climbs towards the 1.28980 significant level. Whether or not the price action reaches the upper border, USDCAD will retain the generally bullish outlook.

USDCAD Critical Levels

Resistance Levels: 1.28980, 1.31810, 1.30330
Support Levels: 1.23000, 1.24700, 1.26500

USDCAD Long-Term Trend: Bearish

The market has entangled itself amidst several key levels to acquire this position. Fairly consistent higher highs and lows characterize this price position. In doing this, USDCAD has breached the 1.28980 significant level, posing as a barrier. Although the price dropped after testing the next level at 1.30330 in undulation, the next cycle of price action has also breached the level again.

However, it takes some energy to break the 1.30330 resistance, and the price action shows a recovery from the activity. The market has posted a tweezer top candlestick pattern, which shows weakness in the price. As a result, the market could drop back to the lower border but maintain its uptrend. The Stochastic has risen high into an overbought region, which signals an imminent drop.

USDCAD Short Term Trend: Bearish

On the 4-hour chart, the Parabolic SAR (Stop and Reverse) has switched its dots above the candles to signify a potential reversal. Also, the short-term Stochastic Oscillator indicator shows the line drooping already towards the overbought region. USDCAD is expected to find support at or before reaching the channel’s lower border. After that, another rally will take place.

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