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Market Analysis – June 14
USDCAD remains within a ranging market as major zones hold. The market has been ranging within the major levels of 1.32260 and 1.39780 since September 2022. Price keeps hitting the upper and lower bands of the BB (Bollinger Bands). The ranging market is a result of the tug-of-war between the bulls and the bears.
USDCAD Significant Zones
Demand Zones: 1.32260, 1.20070
Supply Zones: 1.39780, 1.46670
USDCAD Long-Term Trend: Ranging
On the daily timeframe, a rising major trendline has always been respected amidst the fluctuations of price. The last time the major trendline was hit was in August 2022. USDCAD bounced off the major trendline and surged upward to break the 1.32260 price level. The fluctuations began after the 1.39780 resistance was hit. The price began to move from the upper band to the lower band across the major price levels. Till now, the market’s trading range has remained within the 1.32260 demand zone and the 1.39780 supply zone.
According to the BB, USDCAD was rallying between the upper and middle bands after a reaction at the major trendline. The reaction towards the major trendline brought the market into the ongoing-ranging market. As of now, the Stochastic Oscillator indicates that the market is oversold. This implies that a rally towards the upper band of the BB is probable. Apparently, USDCAD just hit the major rising trendline. This is likely to cause an upward expansion, which might break the major resistance at the 1.39780 price level.
USDCAD Short-Term Trend: Bearish
A bullish engulfing candlestick was created on the four-hour chart immediately after the major trendline was hit. The ranging market will likely end soon as USDCAD heads upward to break the double top at the 1.36510 price level.
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