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USDCAD Analysis – July 27
USDCAD resumes the market trend in a downward direction after consolidating within the Bollinger Bands (BB) of the daily timeframe. After the supply zone of 1.4700 was reached, the market experienced a downtrend throughout 2020. The market has been descending through a creek until May 18th, 2021. The market is currently in a correction phase, as evidenced by the decreased momentum after the price reached the demand zone at 1.2030.
USDCAD Major Zone
Demand Zone: 1.2030, 1.1270
Supply Zone: 1.3660, 1.4700
USDCAD Long-Term Trend: Bearish
When the price reached the support level of 1.2030 on May 18, 2021, the bulls stormed the market and drove it upward. The rapid upward movement lasted for a while, until the bears began to compete for market dominance. The upward and downward expansion of the Bollinger Bands indicates that the bulls are having difficulty keeping the market rallying higher.
The market order flow following the price reaction to support 1.2030 remains undetermined as prices continue to range within the Bollinger Bands. The last two Relative Strength Index (RSI) highs on the daily time frame show lower highs, whereas the candlestick chart shows higher highs. This indicates a bearish divergence and suggests that the market trend will shift to the downside soon.
USDCAD Short-Term Trend: Bearish
The market appears to be preparing for a downward movement in the four-hour time frame. After the bulls successfully broke the relatively equal highs before closing their buy positions, the downward movement was confirmed.
A downward expansion of the Bollinger Bands is expected to drive the market lower, possibly towards the 1.2030 support level.
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