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Forex Trading: USDCAD Remains Near $1.3472, Targets $1.3678 Level

USDCAD Price Analysis – May 09

In case the daily candle closes above the supply level of $1.3472, there is a probability for the USDCAD price to increase towards $1.3648 supply level. Should the Bears defend the $1.3472 level; sideways movement may continue on the daily chart.

USD/CAD Market

Key levels:

Supply levels: $1.3472, $1.3648, $1.3845
Demand levels: $1.3330, $1.3207, $1.3093

USDCAD Long-term trend: Bullish

USDCAD is bullish on the long-term outlook. USDCAD was consolidating at $1.3330 demand level for more than ten days. On April 23, the Bulls pushed up the currency pair to penetrate the supply level of $1.3472. On April 25, evening star candle pattern formed; this is a bearish reversal candle pattern which pushed the pair down towards $1.3330 but unable to reach the mark before it was interrupted by the Bulls and started sideways movement at $1.3472 supply level. Today’s daily candle is bullish and it has placed the price above $1.3472.

USDCAD Daily chart, May 09

In case the daily candle closes above the supply level of $1.3472, there is a probability for the USDCAD price to increase towards $1.3648 supply level. Should the Bears defend the $1.3472 level, sideways movement may continue on the daily chart. However, the currency pair is still trading above the two EMAs within the ascending channel formed. The 21 EMA remains above the 50 EMAs which connotes that bullish movement is ongoing in the USDCAD market though sluggish.

USDCAD medium-term Trend: Bullish

USDCAD is bullish on the medium-term outlook. The price action of the USDCAD on the 4-hour chart has led to the formation of the ascending channel pattern. The bullish movement of the price is a bit sluggish.

USDCAD 4 hour chart, May 09

The Bulls has placed the currency pair above the $1.3472 level. The Moving Average Convergence Divergence period 12 is above zero levels and the signal lines above zero level indicate that bullish trend may continue.

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      Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.