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USDCAD Price Analysis – September 15
USDCAD tends to pull back as the market continues to rally upward. It demonstrates that the bulls appear to be in charge despite the bears continuing to exert pressure on the market. The price appears to be responding to the trend line structure, with historic highs being broken. Therefore, despite being in an upswing, the market is expected to pull back.
Significant USDCAD Levels
Resistance Levels: 1.28320. 1.26100
Support Levels: 1.24870. 1.23080
USDCAD Long Term Trend: Bullish
USDCAD has been in a bullish state for a while now. The price first rallied upward, breaking through the 1.23080 significant level before it then made a pullback to it. The market also broke beyond the 1.24870 and 1.26100 significant levels. A high was then created around the 1.28320 level before the price rallied down. The trend line is then retested as the market remains in an uptrend to create a new high.
USDCAD tends to pull back to around 1.26100 as the price has reacted at this level before. The market will, however, continue its uptrend movement as long as the bulls continue to gain more strength. The Parabolic SAR (Stop and Reverse) indicator shows dots below the trend line. It indicates the general direction of the market, which is a bullish trend.
USDCAD Short Term Trend: Bearish
On the 4-hour chart, the price is assumed to pull back before a progressive rally. After a retest at 1.26100, there was an engulfing bull candle. It indicates that the price still rallies upward as the bulls continue to gain more control. The RSI (Relative Strength Index) indicator shows price above the middle level. It shows that the buyers are still in control as the market awaits a pullback. The Parabolic SAR displays several dots below the recent low, indicating the general trend. The market will, however, continue in its uptrend movement as the price tends to pull back to the 1.26100 significant level.
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