Price has been in a long term consolidation for several months. Price is sitting on a long term support which was also resistance before. The DXY is slowly rising for the last two days, meaning the Dollar bulls are on the horizon.
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Looks like that was a classic fakeout!. On the Daily TF, Multiple hammer candles are forming. With a hammer candle, price opens and almost immediately the bears take over. However, later in the session , price reaches a point where the bears struggle to push it lower, and price becomes attractive for the bulls. Waves of buyers start to arrive, as they slowly overwhelm the sellers. Eventually, by the close of the session , price closes back above the opening. This is an extremely bullish signal , it means there is more upside to come.
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Price is back above the support. Interesting !
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That was a classic beartrap. Price broke the 1.3200 key support and went down by almost 100 pips, only to come back above the resistance. Many sellers are now trapped at this level, as the market gets ready for the bull run of the year. Classic fakeout !
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Nice bullish momentum coming in strong !
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Here we go again, counting pips. 100 PIPS !
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After the DXY dropped to its lowest in the last one year yesterday to 100.40, USDCAD dropped to 1.3150, which is previous support/resistance. What happens next on the DXY will determine if this support will hold for USDCAD.
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The 1.3100 - 1.3200 support is extremely resilient. Price has been consolidating here for several weeks. But since the DXY is showing bullish signs, the market may be setting up for a bull run on USDCAD.
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Price did not breakout below the 1.3100 support, where the market has been consolidating for weeks. Expecting the support to hold in the coming weeks and bulls to come in at this point.
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Finally , we will be able to confirm if this is a fakeout or a breakout. The FOMC meets today to announce the Dollar interest rates. In the last meeting, the FOMC maintained the rates at 5.52% for the first time since March 2022.If the FOMC maintains the interest rates at 5.25% for the second tome in a row, the DXY may rise from the current levels, and USDCAD may follow. If the FOMC increases the interest rates, then the DXY may fall further, confirming more downside for USDCAD.
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About to start counting pips !
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Finally price is back above the support !. 100 PIPS STRONG !
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130 PIPS STRONG !
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200 PIPS STRONG !
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New highs @ 1.3500 !
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The weekly candle closed well above the previous highs on the current bullish trend. Meanwhile, 250 PIPS FLOATING IN PROFIT !
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HOLD UP ! 300 PIPS FLOATING ! YEAH !!
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350 PIPS FLOATING!
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USDCAD bulls gaining momentum as the DXY makes new highs !
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The volume on the weekly candle is above average !
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450 PIPS ON THE TREND !
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1.3670 is the new high on the current bull run ! 500 PIPS !
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1.3700 is the new high n the trend !
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The recent retracement in the USDCAD uptrend is due to the rising oil prices, but the dominant trend remains bullish !
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The bull run resumes !
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600 PIPS !!
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700 PIPS ON USDCAD !
Thedeveloper