USDCAD Price Prepares for a Break Forward Above the 1.28300 Market Level

Updated:

USDCAD Price Analysis – December 29

USDCAD price prepares for a break forward above the 1.28300 market level. The market calls for vital momentum in the form of price direction. The bulls have the greater tendency to propel the market’s strength forward as the market also prepares for a break over above the 1.28300 levels of significance. The bear signal also shows their interest in the market influence, despite the price being in a bullish directional influence.


USDCAD Market Levels:

Resistance Levels: 1.28300, 1.26200
Support Levels: 1.24900, 1.23040

USDCAD price preparesUSDCAD Long Term Trend: Bullish

The market’s bull trend has been a major expansion in the USDCAD price action. The bulls’ injunction flow has been steady since mid-June and the price is seen to follow suit following an increase in momentum influence. The market makers pushed the bulls forward, and the bulls, having gained enough strength, however, were propelled to break through several price levels of significance. USDCAD bulls maintained an uptrend position as the price activity reacted at the trend line key level despite the bear’s involvement also.

The bear market succeeded in pushing the price movement downward. The price first breaks through the trend line before riding down with significant stability. The bullish strength, however, picked up the momentum as the price level went back to the 1.28300 price level. Looking at the 1-day chart, the momentum indicator is seen to be rising again as the buyers seek to break through the 1.28300 significant level. This price activity is demonstrated by the bullish movement.

USDCAD price prepares USDCAD Short Term Trend: Bullish

The 4-hour chart shows price activity is seeking to break through the 1.28300 market level. The market has had a strong bullish run, and the market now expects a more bullish order flow. The Parabolic SAR (Stop and Reverse) gives the price solid direction in bullish movements. The bullish power is therefore ready to break through at 1.28400 as the market grows.

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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.