USDCAD Market Plans to Change Its Trend Tendency to a Bullish Phase.

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USDCAD Price Analysis – January 19

USDCAD market plans to change its trend tendency to a bullish phase at the 1.24800 price level. The universal market trend of price action since early June has been bullish in tendency. We can also see the bears’ demonstration in the market as they allow prices to fall from a certain height to more key levels.

USDCAD Price Zones:

Resistance Zones: 1.29190, 1.24800
Support Zones: 122700, 1.19990

USDCAD Long Term Trend: Bullish

The buyer’s phase emergence resulted from the price’s ability to rise through the 1.9990 significant level and continue in a bullish format. The price momentum, nevertheless, continued to move progressively on a swing high in a bullish tendency till it eventually arrived at the 1.29190 significant price level.

However, from this angle, there appears to be a sellers’ demonstration in view as they succeeded in changing price orientation to a short bearish phase. They, however, pushed the price tendency from 1.29190 down to the 1.22700 level of significance. This same structural plan of price influence continued as we then saw the bears engage the price level of 1.24800. The buyers are already prepared to change the course of the price from this level as the momentum indicator shows a price decrease in bearish tendency.

USDCAD Short Term Trend: Bullish

On the 4-hour timeframe, the price display shows the market’s current orientation and what is set to happen next. The bears had successfully brought the price market down to the 1.24800 price zone, and the buyers were now prepared to change the market tendency as the Stochastic Oscillator shows the price in the oversold region. Prices are therefore scheduled to rise back to 1.29190 as the bullish phase sets in.

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