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USDCAD Analysis – October 5
USDCAD sellers shift the market structure to the downside. The market has been in an uptrend since the second half of 2021, with prices breaking beyond every previous peak along the way. Months before the market structure shifted to the upside in June 2021, the market was typically in a downward trend. The bearish order block, formed on the 28th of May, 2020, caused the current sudden correction phase of the market to the downside.
USDCAD Significant Zones
Demand Zones: 1.3310, 1.2950
Supply Zones: 1.3600, 1.3800
USDCAD Long Term Trend: Bullish
The market continued to break all support along its path as it crashed steadily downward. On the 22nd of December, 2022, the market found a new diagonal resistance as it continued its steady fall to the local low at 1.20068. The local low was reached on the 1st of June, 2021, as USDCAD sellers struggled to continue further in the oversold market.
The 1st of June, 2021 marked a new trend in the market as the market’s overall trend flipped bullish after a shift in the market structure to the upside. On the 27th of October, 2021, the market began to ride new diagonal support across its journey upward.
On the 25th of February, 2022, a new diagonal resistance set the boundary for the highs of each candlestick as the rally continued upward. Price took a sharp turn away from the diagonal support at 1.25237 after it bounced off it. This sharp turn away in price caused the breakout of the previous resistance at 1.2950. The price bounced off the 1.2950 support on September 13th, 2022, and squeezed out the USDCAD sellers in a few days. The aggressive rally upward broke all resistance along its way into the 1.3800 supply zone.
USDCAD Short Term Trend: Bearish
After a few days of the rally from the swing low formed on September 13, 2022, the USDCAD sellers were poised to seize control of the market trend at the 1.3800 supply zone. With the indication of divergence and the market structure shift, it appears we will have a relatively long period of downtrend in the market. The price is expected to bounce off the 1.3600 resistance and continue its journey downward.
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