Market Analysis – March 1
USDCAD buyers have seized the opportunity to halt the decline of the price in the market. The buyers have launched from the support level of 1.3300 to engineer a bullish reversal.
USDCAD Key Levels
Support Levels: 1.3300, 1.2900, 1.2500
Resistance Levels: 1.3700, 1.3900 1.2400
USDCAD Long-term Trend: Bullish
The USDCAD bulls have regained control of the market. The downward trend from 1.3300 was short-lived. The price rose from 1.2500 in June when the Stochastic was oversold. Three white soldiers fostered a shift in market structure. The support level of 1.2900 provided sufficient momentum to skyrocket the price from the oversold level.
The market was overbought at the 1.3900 supply level. The sellers flooded the market at a premium for a sell-off. The selling pressure resulted in a bearish reversal. The Parabolic SAR (Stop and Reverse) aligned above the daily candles to signify a downward trend. The bearish displacement seized at 1.3300. A retracement to 1.3709 was expected to break the support level of 1.3300 but failed.
USDJPY Short-term Trend: Bullish
A double bottom formed at 1.3300 in February when the market was oversold. The market’s ascent has broken the bearish trendline. The market is currently aiming for a supply level of 1.3700.
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