USDCAD Keeps Waxing Stronger After Bouncing From a Weekly Support

USDCAD Price Analysis – November 18

USDCAD keeps waxing stronger after it pushes up from a weekly support level at 1.23000. The fortunes of the market began to take another shape as the daily candles touched down at the 1.23000 price level on the 20th of October. The market then assumed a rounded bottom shape, by which a bullish revival was achieved. From there, the first success was to break the immediate resistance at 1.24700, after which USDCAD keeps waxing stronger.

USDCAD Important Zones

Resistance Zones: 1.24700, 1.26790
Support Zones: 1.23000, 1.20300

USDCAD Long Term Trend: Bullish

USDCAD was initially in an uptrend after it also facilitated a bullish revival from a bearish market on May 12th, when price fell to the 1.20300 support level. From there, the market keeps waxing stronger and it defiles many important zones on its way up. This continued till the price weakened around the 1.28300 resistance zone, which led to a slump in price.

A bearish dip was cut short at 1.23000 as a market revival is being facilitated. Moreover, the market making a revival at this level means, on a general view, USDCAD has still been bullish as it makes a higher low at this price level. Price keeps being bullish as it bounces off the mid-line of the Bollinger Band and is now trading close to its upper border. The MACD (Moving Average Convergence Divergence) keeps displaying increasing bullish histogram bars to emphasize the current bullish strength of the market.

USDCAD Short Term Trend: Bullish

The 4-hour chart shows a clearer route of the market and prospects. Price initially had a challenge breaching the 1.24700 resistance, which it finally did with the help of the Bollinger Band’s lower border. This is also the case for breaking through 1.25790. The MACD has had another golden cross, even above the zero level, as the market prepares for a higher level.

USDCAD is predicted to break beyond 1.26500 with a pump that would reach 1.28300.

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