USDCAD Market Direction Turns Bullish

USDCAD price has launched to the moon from the oversold region of 1.3300. The Parabolic SAR (Stop and Reverse) resting below the candles has indicated an upward trend.

USDCAD Key Levels

Demand Levels: 1.3520, 1.3300, 1.2980
Supply Levels: 1.3690, 1.3880, 1.4000

USDCAD Long-Term Trend: Bullish

USDCAD experienced stiff resistance at the 1.3800 supply zone in October. The Stochastic indicated an overbought market. A head and shoulders pattern formed to signal a trend reversal in the market. The Parabolic SAR( led the market from 1.3880 to the support level of 1.3300. The price decline was observed to fill up inefficiently traded regions in the impulsive ascent, which originated from the retest of the 1.2980 support level in September.

A pullback to the 1.3690 resistance zone was followed by a triple, which was used to resume the bearish trend. The market direction finally changed from bearish to bullish with the launch from the 1.3300 support level. The unbroken resistance level was taken advantage of again by the sellers for shorts. The price plummeted rapidly upon the test of the supply level to 1.3300.

USDCAD Short-Term Trend: Bullish

A bullish shift in market structure has been observed. The push above the high of 1.3520 may prompt a pullback to regain bullish momentum for an ascent to 1.3690.

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