USDCAD Weakens After Hitting a Major Resistance Level

USDCAD Price Analysis – November 3

USDCAD weakens after hitting its all-time high at a significant level of 1.470. USDCAD weakens after the market broke out of the previous all-time high level of 1.300 on October 11th, 2018, and heads for a new all-time high on March 20th, 2020. USDCAD broke out with such force that there were consecutive bullish candles until it reaches a new all-time high of 1.470. However, as the market hit the resistance level, it weakens and drops to the support zone level of 1.190.

USDCAD Critical Zones

Support Levels: 0.940, 1.190
Resistance Levels: 1.300, 1.470

USDCAD Long Term Trend: Ranging

After the market hit the new all-time high and weakens to the market price of 1.190, the price went up to retest the previous all-time high level. However, as the price confronts the resistance line, it weakens again and the market price falls back to a support level of 1.190, below 1.300.

The market tries to recover a bullish movement but got caught at the previous all-time level of 1.300 and bears push it down back to the resistance level. USDCAD is presently at the support level with a consolidating action, which might be a means of gathering momentum to push the market price higher and hit hard against the resistance level.

USDCAD Short Term Trend: Ranging

On the 4hour timeframe, USDCAD is found consolidating between the market price of the 1.230 support level and the 1.240 resistance level. The market was found to be choppy within this region. On the Exponential Moving Average (EMA) line, price is seen to bounce off bullish candlesticks consecutively, which signifies a possible bullish trend taking place in the market. This signifies a possible buying option in the market.

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