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USDCAD Price Analysis – September 1
USDCAD keeps accumulating price continuously at the 1.25790 key level. Following a reversal at the significant resistance level of 1.27420 in July, the price broke and accumulated around 1.25790 before moving on to the next significant zone. Following that, USDCAD reversed around 1.24340, starting an ascending trend pattern. Price, on the other hand, continues to test the support trend line. The more the market accumulates at this level, the stronger the trend line becomes.
Significant Zones
Resistance Levels: 1.29100, 1.27420
Support Levels: 1.25790, 1.24340
USDCAD Long Term Trend: Bullish
USDCAD Long Term Trend: BullishFurthermore, the market breaks out of the rising trend pattern, moving towards the resistance zone of 1.29100 before reversing course. The market appears to have returned to the trend line, with lower lows. Price then seems to build as a result of the struggle between the bulls and bears. This indicates that the price is being rejected as the buyers and sellers continue to haggle.
Multiple crossings at the 20 level are produced by the Stochastic Oscillator. This suggests that the price is about to revert after accumulating at the 1.25790 key level. USDCAD is expected to reach new highs, possibly above 1.29100. The Parabolic SAR (Stop and Reverse) graph depicts dots falling downhill. As price continues to accumulate, this indicates that the bearish movement isn’t done. However, as a result of price rejection at this level, the market will acquire further bullish vigor.
USDCAD Short Term Trend: Bullish
USDCAD Short Term Trend: BullishPrice continues to accumulate on the 4-hour chart, creating lower lows. The USDCAD is therefore expected to rise to either retest or break over 1.27420. The Stochastic has crossed the 20 mark and appears to be rising. This indicates that a bullish market trend is taking hold and that the market will soon begin to rise.
The Parabolic SAR also shows three dots below the lower low, indicating a price direction change. The market then begins to gain bullish momentum as it continues to rise. Furthermore, the bears are struggling to maintain their retreat as the bulls continue to gain momentum.
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