USDCAD Surges Upward After Bouncing off the Rising Trendline

Azeez Mustapha


Unlock Daily Forex Signals

Select a Plan


1 - month



3 - month



6 - month






Separate Swing Trading Group



Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Service for copy trading. Our Algo automatically opens and closes trades.


The L2T Algo provides highly profitable signals with minimal risk.


24/7 cryptocurrency trading. While you sleep, we trade.


10 minute setup with substantial advantages. The manual is provided with the purchase.


79% Success rate. Our outcomes will excite you.


Up to 70 trades per month. There are more than 5 pairs available.


Monthly subscriptions begin at £58.

USDCAD Analysis – May 15

USDCAD surges upward after bouncing off the rising trendline five times. The market is in a phase of consolidation over a long horizon. For more than six months, the USDCAD price has been ranging between 1.386200 and 1.322600. However, the price continues to abide by a rising trendline, giving the impression that buyers are in control.

USDCAD Significant Zones

Demand Zones: 1.322600, 1.272800
Supply Zones: 1.386200, 1.397800

USDCAD Long-Term Trend: Ranging

The market was moving in a bullish direction before USDCAD setting to converge within the trading range. The price shot up into the trading range when the prior resistance at 1.322600 failed to hold. The price reversed after reaching the 1.272800 demand zone approximately six weeks before the invalidation. The sudden increase that followed the change in the market’s environment was caused by this. Till October 12, 2022, the MACD (Moving Average Convergence Divergence) was above the zero line. The supply zone of 1.397800 was reached at this time.

The reversal at the 1.397800 supply level marked the end of the explosive move as the buying pressure deteriorated. USDCAD headed downward to retest the 1.322600 price level, thereby confirming the significance of the level. A rising trendline emerged thereafter. The rising trendline has been successfully keeping prices from experiencing a massive decline since its emergence. Following the buy-side liquidity grab above the 1.370800 price level, the bears raided the market. However, the rising trendline appears to be resisting the selling pressure as the price bounced again for the fifth time.

USDCAD Surges Upward After Bouncing off the Rising Trendline Five Times

USDCAD Short-Term Trend: Bearish

The 1.366800 and 1.331500 price levels make up the present trading range on the four-hour chart. The USDCAD appears to be in an upward retracement as it approaches the premium. Once the premium’s diagonal resistance is reached, the upward retracement is likely to come to a halt.

Do you want to take your trading to the next level? Join the best platform for that here 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *