USDCAD Market Rises Towards Previous Highs at 1.3850

USDCAD Analysis – 15

The USDCAD market has appeared to rise steadily over the past year. The market has ascended steadily through the ascending channel in a decent manner. USDCAD started the year below the 1.2630 major level. The fall in price below the major level led to short covering. The market was oversold in this region. This led to a rise in the price, which surged to 1.2860.

USDCAD Major Levels

Resistance Levels: 1.3620, 1.3850, 1.4200
Support Levels: 1.3230, 1.2860, 1.2630

USDCAD Long-Term Trend: Bullish

USDCAD market struggled at 1.2860. There were multiple fakeouts above the key level. Bulls eventually pushed through 1.2860 in June. The buying pressure prevented the usual drop below 1.2630. The force of the price upthrust appears on the daily chart with multiple fair value gaps and the presence of three white soldiers in June.

The last prominent bullish swing was initiated in September. The market retraced back to the Moving Average which fostered the price to soar without restrictions.

USDCAD Short-Term Trend: Bearish

The market retraced back to 1.3230. The key level was utilised to establish a market reversal. The market structure is currently bullish. On the four-hour chart, the market has struck a confluence point, which is expected to propel the market to 1.3850.

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