USDCAD Market Order Flow Remains Bullish

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


USDCAD Analysis – August 3

USDCAD market order flow remains bullish. The daily timeframe chart appears bullish due to the higher highs and higher lows in formation. The bullish order flow began on the 1st of June, 2021. Till August 20th, 2021, the upward movement of prices was so steep, indicating the high momentum of the market uptrend.

USDCAD Major Levels

Resistance levels: 1.2950, 1.3660
Support levels: 1.2520, 1.2030

USDCAD Market Order Flow Remains BullishUSDCAD Long-term Trend: Bullish

The market had been very bullish until the resistance at 1.2950 was hit on the 20th of August. Due to the low momentum of the increase in long positions, the resistance at 1.2950 has lasted for almost a year. The market has been struggling to break through this resistance upward. Currently, there appears to be a bearish divergence on the daily timeframe as the price chart and the Stochastic RSI showed higher highs and lower lows, respectively. This indicates that the prices might trend down for a while before resuming their trend upward.

The support at 1.2520 has also proven to be very significant and repulsive because of the market reactions at 1.2520. The positive gradient trendline on the daily timeframe also indicates that the market is currently in an uptrend. In all the efforts by the bulls to drive the market upward, prices have been partially ranging between the two major levels: 1.2950 and 1.2520. For a long time now, there hasn’t been any successful breakout at the resistance 1.2950. All efforts by the bulls to make prices rally beyond the resistance have proven abortive with fake-outs.
USDCAD Market Order Flow Remains Bullish

USDCAD Short-term Trend: Bullish

In the four-hour timeframe, the market is expected to resume its trend in an upward direction immediately after hitting the 0.618 retracement level, which is a few pips below the equal lows.



You can purchase Lucky Block here. Buy LBLOCK


Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented 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
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 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
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
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.