09.08.2022
Chicago 12, Melborne City, USA
Business

USDCAD Keeps Ranging Between Major Zones

USDCAD Analysis – June 30

USDCAD keeps ranging between its six-month high (1.3000) and its six-month low (1.2500). Until May 31st, 2021, the USDCAD market had been in a bearish move, forming lower highs and lower lows. Between May 2021 and December 2021, the USDCAD was forming higher highs and higher lows, indicating that the market was beginning to correct the long downtrend or start a new uptrend.

USDCAD Major Levels

Resistance levels: 1.3400, 1.3000
Support levels: 1.2500, 1.2100

USDCAD Long-Term Trend: Ranging

For the past six months, USDCAD keeps ranging and struggling to break through the support and resistance levels of 1.3000 and 1.2500, respectively.

On the 12th of May, 2022, USDCAD touched the resistance at 1.3000, struggled and failed to break through it, therefore sinking to the closest support area on the daily timeframe. Conversely, as the price moved close to the support zone of 1.2500, the price suddenly rallied upward due to a large volume of buy orders placed around this zone.

USDCAD Keeps Ranging Between Major ZonesUSDCAD Long Short Term Trend: Bearish

On the four-hour chart, the Relative Strength Index (RSI) and the Bollinger Bands (BB) confirmed that the market is now overbought, and the price needs to sink down to further confirm the ranging bias on the daily timeframe. Even though the resistance level at 1.3000 has been retested many times in the four-hour timeframe, the selling power at the area keeps a strong profile to crash the market downward, probably until the price reaches any of the two support areas. Until the price breaks and retests the resistance or the support, the USDCAD market might keep on ranging between the resistance level of 1.3000 and the support level of 1.2500.

How To Buy Lucky Block

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presentedUSDCAD Keeps Ranging Between Major Zones
product or event. We are not responsible for your investing results.

Share with other traders!

administrator
My name is Lawrence. I am one of the most famous forex trading schools. The purpose of creating this project is not only to give working advice on the Forex market, but also to warn beginners from fraudulent projects. Here we publish reviews of all Forex training scam projects, and professionally train those who have just decided to enter this niche.

    Leave feedback about this

    • Quality
    • Price
    • Service

    PROS

    +
    Add Field

    CONS

    +
    Add Field
    Choose Image
    Choose Video