USDCAD Turns Downward In A Bullish Market

USDCAD Price Analysis – Price December 24

USDCAD turns downward in a bullish market as the price level obeys buyers’ influence. The market is evaluated to proceed in a buyer trend and sellers are seen twitching with price movement downward. The bulls give a significant approach as they tend to approach a new level. Bulls are willing to cause more pressure in the market despite the bear’s involvement in the price consequence also.

USDCAD Significant Levels:

Resistance Levels: 1.29600, 1.27600
Support Levels: 1.25100, 1.22900

USDCAD Long Term Trend: Bullish

From the level of 1.22900 level of price influence, the bulls took the lead in price influence by pushing it upward. The bullish rally emanating from this point rose close to the 1.29600 price level. However, as the market mobilized upward, the bears also caused solitude at the level. The pullbacks got to several levels before rising. The parabolic SAR (Stop and Reversal) indicator shows price confirmation as the market experienced an upswing upward.

The bears in the market proceed further downward in price influence. They, however, accomplished price movement by mobilizing force back to the 1.22900 price level, breaking numerous zones in the market. From here, the bulls moved the price direction back upward. The Moving Average indicator gives a signature confirmation. The Moving Average crossing signal moved up following the price movement. The Parabolic SAR follows the market direction as the market direction is significantly dropping in bearish flow as we expect the market to rise.

USDCAD Short Term Trend: Bearish

The market experienced a critical market uptrend on the 4-hour chart, with the price of the rebound at a 1.27600 market level. However, the bulls also continue to weaver price movement upward. Currently, the price level is dropping below 1.29600 and then is set to continue to move up after a bearish fullback downward. The Parabolic SAR follows price as it is set to continue in a bullish format despite dropping below 1.29600.

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