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USDCAD Price Analysis – August 4
USDCAD pushes up after employing the cup and handle formation. The market used this formation to effect a reversal in the market direction after a long period of downtrend movement which dates back to last year. Price kept making lower highs and lower lows consistently. This continued till the 21st of April 2021, when the market failed to make a lower low, which eventually led to a plunge into the cup pattern.
Resistance Zones: 1.26050, 1.27740, 1.29450
Support Zones: 1.24950, 1.22600, 1.20180
USDCAD Long Term Trend – Bullish
In creating the cup pattern, sellers plunged the price at an acute angle. The 1.22600 support failed to halt the plunge and the market finally settled at 1.20180. At this point, bulls began pumping the market and in less than a week, the price surged up to 1.24950. The resistance would knock the USDCAD down, but it only dropped a little to 1.22600 before prices pushed up past the 1.24950 resistance, thereby breaking out.
The market breaks out to the upside would, however, only last as far as 1.27740 before price will drop again to as far as below the 1.24950 key level. USDCAD would go on to recover above 1.24950. The market now faces the task of pushing above the middle line of the Bollinger Band and the 1.26050 resistance to restore its bullish swagger.
USDCAD Short Term Trend – Bullish
On the 4-hour chart, USDCAD has bounced off the 1.24950 key level and the middle line of the Bollinger Band is supporting it from underneath.
The MACD (Moving Average Convergence Divergence) histogram bars have shown a switch from red bars to green bars to show that price is recovering from the drawback. Its signal lines are also currently crossing the zero point upward.
If the market can overcome the resistance at 1.26050, then we can anticipate that price will reach 1.27740 eventually.
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