USDCAD tends to rally following a rebound. Since early June, the market has been bullish, making higher highs and breaking significant zones. USDCAD set a new high at 1.29508 after breaking through an old higher high. Following that, the market reversed after a significant pullback to form a new higher low at 1.25970. As long as buyers remain in control of the market, the market tends to continue its rally after this retest at the 1.25970 significant zone.
USDCAD Significant Zone
Resistance levels: 1.29508, 1.25790 Support levels: 1.24340, 1.24090
USDCAD Long Term Trend: Bullish
The USDCAD will continue to rally as buyers continue to make new higher lows. There has been a significant rebound on the trend line, indicating a bullish continuation. The trend line and the 1.25970 form a descending triangle, and the price is poised to re-enter it. The EMA 80 (Exponential Moving Average) has been acting as resistance before transitioning to support. Price has a tendency to react at this level as well. As a result, USDCAD is poised to rally up, breaking previous highs of 1.27420 and 1.29508 key levels.
The Stochastic Oscillator, on the other hand, gives a golden cross at the border of the oversold region. This is a clear indication that the market is about to rally. Price tends to rally up and break through old highs.
USDCAD Short Term Trend: Bullish
The market has begun to make a significant upward rally on the 4-hour chart. This indicates that the bulls have taken control and are poised to move higher. On the 4-hour chart, the Stochastic Oscillator shows a long golden cross at 0.00 level in the oversold region. This also suggests a reversal, and the market will make several rallies, breaking old highs. Price is also poised to break through EMA 80, followed by a retest before the bullish trend resumes.
Bulls are set to push USDCAD high past previous highs of 1.27420 and 1.29508 key levels to reach 1.31000.
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