Market Analysis – February 15
USDCAD remains at 1.330 after the bearish market reversal at 1.390. The bulls are unwilling to let go of the 1.330 demand level.
USDCAD Key Levels
Demand Levels: 1.330, 1.290, 1.250
Supply Levels: 1.370, 1.390, 1.400
The market ascended through the second half of the previous year. Three white soldiers emerged from the oversold region in June. The market rose from the lower Bollinger Band to the resistance band. The rapid price rise revealed the buyers’ injection of volatility into the market. The test of the support level propelled the market to 1.390 without resistance.
A Head and Soldier pattern formed after the press of the resisting band at 1.390. This led to the bearish reversal at 1.390 in the market. The Stochastic finally moved away from the oversold region. The market retraced to 0.370 after the delivery to the 1.330 support level. The bearish trendline is resisting the rise of the price. The bullish trendline has been invalidated by the decline in the price of USDCAD.
USDCAD Short-term Trend: Ranging
In the lower time frame (4-hour time frame), the market is consolidating. The sellers are experiencing a challenge pushing through the well-defended support level of 1.3300. The retest of the bearish trendline is expected to foster a sell-off to 1.290.
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