USDCAD Market Continues to Respect the Upward Trendline

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USDCAD Analysis – August 17

USDCAD market continues to respect the upward trendline as it moves downward to hit the trendline. On the daily timeframe, the current market order flow, which began on May 18, 2021, remains bullish. Before the upward movement, the market retested and broke the previous support level of 1.2950 on the 9th of November, 2020, after which the bears controlled the market, driving the price down until it reached the demand zone at 1.2010.

USDCAD Significant Zones

Supply Zones: 1.2950, 1.3660
Demand Zones: 1.2210, 1.2010

Long-term Trend: Bearish

On November 9, 2020, the market tested and broke the previous support level of 1.2950. This break in support caused the market to fall, continuing its downward trend. As the USDCAD bears continued to sink the market downward, channelling prices between the mid and lower bands of the Bollinger Bands (BB), the oversold region was reached, and the bulls immediately took over and continued to drive prices upward.

As the bulls drove the market higher, the resistance level at 1.2950 was reached, and the bears briefly took control. USDCAD continued to rally upward, but with much weaker momentum, until it reached support at 1.2210 on October 21, 2021. As bulls struggle to keep the market rallying upward, the daily trendline and resistance at 1.2950 appear to form the market’s lower and upper boundaries.

Short-Term Trend – Bearish

After taking out liquidity above the resistance level at 1.2950, the market’s environment changed from an uptrend to a downtrend in the four-hour timeframe. As the price continues to retest the resistance, it appears to be at a significant level. The market order flow is expected to remain bearish until the daily bullish trendline is reached, which will likely cause the USDCAD to reverse upward.

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