USDCAD Keeps Ranging Between Major Zones


USDCAD Analysis – June 30

USDCAD keeps ranging between its six-month high (1.3000) and its six-month low (1.2500). Until May 31st, 2021, the USDCAD market had been in a bearish move, forming lower highs and lower lows. Between May 2021 and December 2021, the USDCAD was forming higher highs and higher lows, indicating that the market was beginning to correct the long downtrend or start a new uptrend.

USDCAD Major Levels

Resistance levels: 1.3400, 1.3000
Support levels: 1.2500, 1.2100

USDCAD Keeps Ranging Between Major ZonesUSDCAD Long-Term Trend: Ranging

For the past six months, USDCAD keeps ranging and struggling to break through the support and resistance levels of 1.3000 and 1.2500, respectively.

On the 12th of May, 2022, USDCAD touched the resistance at 1.3000, struggled and failed to break through it, therefore sinking to the closest support area on the daily timeframe. Conversely, as the price moved close to the support zone of 1.2500, the price suddenly rallied upward due to a large volume of buy orders placed around this zone.

USDCAD Keeps Ranging Between Major ZonesUSDCAD Long Short Term Trend: Bearish

On the four-hour chart, the Relative Strength Index (RSI) and the Bollinger Bands (BB) confirmed that the market is now overbought, and the price needs to sink down to further confirm the ranging bias on the daily timeframe. Even though the resistance level at 1.3000 has been retested many times in the four-hour timeframe, the selling power at the area keeps a strong profile to crash the market downward, probably until the price reaches any of the two support areas. Until the price breaks and retests the resistance or the support, the USDCAD market might keep on ranging between the resistance level of 1.3000 and the support level of 1.2500.

How To Buy Lucky Block 

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presentedUSDCAD Keeps Ranging Between Major Zones
product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
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.