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USDCAD Broke Out at $1.3472 Level, Targeting $1.3648

USDCAD Price Analysis – May 30

The Bulls eventually broke out at the former supply level of $1.3472 after a long period of consolidation. Uptrend may continue should the Bulls increase their momentum and the price may reach $1.3648. In case the Bears continue to interrupt the bullish movement, the price may continue on the ranging movement.

USD/CAD Market

Key levels:

Supply levels: $1.3648, $1.3845, $1.4012
Demand levels: $1.3472, $1.3330, $1.3207

 

USDCAD Long-term trend: Bullish

On the long-term outlook, USDCAD is bullish on the daily chart. Last week, USDCAD was on the sideways movement on the daily chart within the channel formed. On May 22, a bullish engulfing candle formed that triggered the bullish momentum. The USDCAD price rallied to the north and broke up the supply level of $1.3648. On May 30, a daily bearish candle emerged as a price retracement on the daily chart.

USDCAD Daily chart, May 30

The currency pair has crossed the 21 periods EMA and 50 periods EMA upside and the two EMAs are bending up following the market trend. The Relative Strength Index period 14 is below 60 levels with the signal line flat horizontally to indicate that the price may consolidate. Uptrend may continue should the Bulls increase their momentum and the price may reach $1.3648. In case the Bears continue to interrupt the bullish movement, the price may continue on the ranging movement.

USDCAD medium-term Trend: Bullish

USDCAD is bullish in the medium-term outlook. The Bulls eventually broke out at the former supply level of $1.3472 after a long period of consolidation. The USDCAD price is currently heading towards $1.3678 supply level.

USDCAD 4-hour chart, May 30

The 21 periods EMA has crossed the 50 period EMA upside as a sign of bullish trend and the price is trading above the two EMAs. The Relative Strength Index period 14 is at 60 levels with the signal line pointing to the north to indicate a buy signal.

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      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.