USD/CAD Bears Failed to Hold the Momentum

USD/CAD Bears Failed to Hold the Momentum

Contents

USDCAD Technical Analysis

October 06, 2021|The Forex SecretThe market might stay volatile this week for USD/CAD as there is a possibility of a stable economy because of the US and Canadian job numbers. Although the price might change direction before long due to the weakness in the Canadian dollar.

There are some important releases from BoC and FED this week, therefore the investors should stay alert of price movement in either ways.

USD/CAD Bears Failed to Hold the Momentum

After a strong bearish pressure, the USD/CAD bulls are active. In the picture above, we can see that the USD/CAD is currently trading below the dynamic 20 EMA. The bears couldn’t break below the 1.2500 support level and took a bullish movement after a correction.

Considering the current market structure, we may expect that the bullish pressure may stretch towards the 1.2700 resistance level.

What We Can Expect from the USD/CAD?

As per the above findings, we can expect that the USD/CAD would be active until the price breaks above the 1.2700 level with a bullish daily close. Investors should focus on finding a buy below the 1.2700 closed candles. However, a break below the 1.2700 level may alter the market condition.

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