USDCAD Plunges Continuously After Sliding off Its Uptrend

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USDCAD Price Analysis – October 20

USDCAD plunges continuously after sliding off its uptrend movement. The market began to be bearish on the 30th of September, crashing down to the uptrend line. By the next day, the price has dropped below the uptrend line and was only supported by the 1.26500 price level. The next daily candle was seen below the price level. There was a retest back to 1.26500 before the market continued plunging.

Significant USDCAD Levels

Resistance Levels: 1.24700, 1.26500, 1.28300
Support Levels: 1.23000, 1.21500, 1.20300

USDCAD Long Term Trend: Bearish

USDCAD effectively commenced its uptrend movement on the 22nd of June after an upsurge in price to rest on the 1.23000 key level. Price began gallivanting upward, creating higher highs and lows. This continued until the bullish momentum was repressed at 1.28300. The market never really made it past this level as only the long wick of the daily candle is seen above the level.

Subsequently, the market begins to weaken, crashing time and again against the uptrend line. Eventually, USDCAD plunges below the trend line and the support at 1.26500. A quick retest was done against the price level before the market plunges continuously , falling through multiple key levels. The market is currently accumulating above 1.23000 to break further downward.

USDCAD Short Term Trend: Bearish

The market is still full of momentum going downward. This is shown by the RSI (Relative Strength Index) having its signal line hovering above the oversold region. However, price is only accumulating around the 1.23000 support level. The alternating dots of the Parabolic SAR (Stop and Reverse) confirm that price is currently accumulating at this level before it plunges further.

USDCAD may plunge to as low as 1.20300 before it reverses.

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