USDCAD Market Analysis – March 9
USDCAD rises in an ascending channel, as seen on the daily timeframe. The market dived after striking the upper band of the Bollinger Band on April 21, 2021. The daily candles plunged under the shadow of the Moving Average within the Bollinger. The change in direction was seen with the immediate switch of the Moving Average. The market was already oversold. This caused a rise in the market.
USDCAD Significant Zones
Demand Zone: 1.23030, 1.26280
Supply Zone:1.29460, 1.28300
USDCAD Long Term Trend: Bullish
The bullish run extended from early June into late July. The candles on the daily chart stayed entirely above the Moving Averages all through the period. The market crossed the upper band of the Bollinger when the Williams Percent Range indicated that the market was oversold. This caused the market to sink back into the confines of the bands.
The bulls were still very active and unwilling to let go as they ascended the rising channel. With the support of the Moving Average, the bulls remained in premium, tapping into the bands two more times. Like the first time, the spike above the band was in the oversold region of the Williams Percent Range. The market fell gradually as the daily candles appeared under the Moving Average. The market turned bearish in the ascending channel on the daily time frame.
USDCAD Short Term Trend: Bullish
The market bounced away from the lower band. Band rested on the lower border of the ascending channel. The market continued the rhythmic pattern of rising and dropping as it graduated to 1.29460 before drooping towards 1.23030. The market is currently at a premium above 50% of the range. The market is returning to an order block on the four-hour time frame. The retracement is expected to gather momentum to reach 1.29460.
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