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Market Analysis – June 23
USDCAD witnesses a significant breakthrough as sellers successfully breach the crucial demand level of 1.3290. Previously holding firm from November to May, this support level has now been convincingly shattered. Presently, the market finds itself amidst a robust bearish trend, with the bears exerting pressure and posing a potential challenge to the 1.3150 demand level.
Critical levels for USDCAD
Resistance Levels: 1.3830, 1.3500, 1.3300
Support Levels: 1.3150, 1.3000, 1.2900
USDCAD Long-term Trend: Bearish
Since April, USDCAD has encountered resistance around the 1.3600 level. After reaching this key level in May, the Stochastic indicator indicated an oversold market and a double-top reversal pattern confirmed a reversal back to the support level of 1.3300. The Moving Averages of periods nine and twenty-one remained in a sideways cross, indicating the price was confined between 1.3600 and 1.3140.
In June, the Moving Averages finally crossed downward, resulting in a sharp decline below the support level of 1.3300. The Stochastic also provided an early signal to short just before the Moving Averages crossed.
USDCAD Short-term Trend: Bearish
The steep slope of USDCAD signifies the strength of the bearish trend. The candles align below the Moving Average on both higher and lower timeframes, indicating a clear bearish sentiment. Additionally, a breakout from the rising triangle pattern is observed in the lower timeframe. The downward price movement currently poses a threat to the 1.3140 demand level.
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