USDCAD Plan to Spill Lower as It Approaches Another Price Level

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USDCAD Price Analysis – December 8

USDCAD plans to spill lower as it moves toward another significant level of 1.26100 in a bearish moment. The sellers are capable of nudging the price status to continue in their direction. This came as a consequence of the strength applied by the bears, as they succeed in moving prices downward. However, the market, therefore, plans to spill over to continue the downtrend as the bearish trend progresses.

USDCAD Significant Levels:

Resistance Levels: 1.28400, 1.21.2600
Support Levels: 1.24800, 1.23080

USDCAD Long Term Trend: Bearish

USDCAD market initially started with the bulls’ market. The bulls reproduced the price movement upward as the market continued in the order flow. We, therefore, witness the vigor of the bulls in the USDCAD market, and price begins to mobilize forward in a bullish trend as it responds to the market structure trend line. The market’s price action, on the other hand, respected this zone, as the price upswing reacted to this line. The bulls’ market first began its expedition from the 1.23080 significant level, and the market caused by the bulls engaged it to the 1.28400 significant level.

The bears in the market carved into the market after a touch around the 1.28400 significant level. The price, however, submitted to the influence of the bears. USDCAD, therefore, succeeded in breaking through the structure of the trend line and the market experienced further breakout to lower levels. Following that, the bulls brought the price back to retest the trendline structure. The current situation in the market shows price movement driving downward. The RSI (Relative Strength Index) shows price movement in the middle level as the bears plan to spill price to another significant level.

USDCAD Short Term Trend: Bearish

The 4-hour chart lets us see the impact of the bearish movement in the market as prices continue to ride downward. The market is expecting a further decline in price movement as it prepares to break through the 1.26100 price level, so the momentum is expected to surge once again.

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