USDCAD Analysis – June 22
USDCAD continues undulating in an uptrend. The market has been cranking between the borders of an ascending channel for a while, and it is set to continue similarly. Presently, the market has bounced off the lower frame of the channel on the 8th of June and has risen to the channel’s upper border. At the channel’s upper boundary, the price has been rejected again and is set to commence a downtrend.
USDCAD Key Level
Resistance Levels: 1.31810, 1.30330
Support Levels: 1.26500, 1.24700
USDCAD Long Term Trend: Bullish
The market began in an undulating movement as far back as a year ago on the 17th of June. Though the price is undulating, it has been cranking through an ascending channel. Therefore, the market has been consistently making higher highs and lower lows. The 1.26500 critical level has been very influential in directing the market. The 1.26500 price level sometimes provides market support as the price undulates upward.
The Bollinger Band indicator has aligned with the ascending channel such that it helps push the market upward from the lower border and the price down from the upper frame. The EFI (Elders Force Index) power line is seen to spend more time above the zero level than below it, indicating more bullishness in the market.
USDCAD Short Term Trend: Bearish
The 4-hour chart shows that the price is now preparing for another drop after hitting solid resistance at the confluence of the upper border of the channel and the 1.30330 price level. The Bollinger Band, which has been stretched, has also helped push the price downwards. The result is that the EFI power line is undulating about an equilibrium level before it continues in a downward movement. The price will likely find some support at 1.26500.
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