USDCAD Rejects a Downside Movement; Recovers Into Its Triangle Pattern

Updated:

USDCAD Analysis – April 27

USDCAD rejects a slump below the 1.24700 key level and has surged back into its triangle pattern. The bears were assumed to have seized power when the market broke beyond the lower border of the triangle pattern. The price then bounced off 1.24700 for a retest at the upper border before a further drop. But the support level completely rejects the market on the second encounter, and the market recoils back to the triangle pattern.


USDCAD Important Levels

Resistance Levels: 1.30330, 1.28300
Support Levels: 1.26500, 1.24700

USDCAD Rejects a Downside Movement; Recovers Into Its Triangle PatternUSDCAD Long Term Trend: Bullish

The USDCAD market is set to break out after a long-drawn period of tapering through a triangle pattern. The upper border of the triangle is under a lot of pressure, with repeated touches registered on it. But surprisingly, it was to the downside that the market dropped. However, this breakout is accounted as false after the market rejects further downward movements at the 1.24700 support.

Therefore, the market has recoiled back into the formation with consecutive bullish candlesticks. The RSI (Relative Strength Index) line has recovered above the zero level and is approaching overbought. Also, the Parabolic SAR (Stop and Reverse) has switched its dots below the daily candles. The price is set to launch an assault immediately on the upper border of the formation.

USDCAD Rejects a Downside Movement; Recovers Into Its Triangle Pattern USDCAD Short Term Trend: Bullish

On the 4-hour chart, the market is still bullish, having surged back into the triangle formation. The price then retraced and bounced from the lower border of the triangle. After that, USDCAD is not confronting the 1.28300 resistance level. The Parabolic SAR still supports bullishness, but the RSI line is now fluctuating around the overbought border. USDCAD will look to break beyond the upper border of the triangle to 1.30330.

How To Buy Lucky Block 

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.