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 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 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.

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