USDCAD has had a bullish move strong enough for the market to continue its course. We are looking at the support level of 1.3555 which is near the support level and the markup continuation from here. The structure is higher highs and higher lows. This means, market is going to trend bullish from this support onwards. 

The descending trendline is on the verge of breaking out for buys, once the market breaks out it will continue its course upwards.

The retracement level of 61.8% is in confluence with the market support level, which is a strong foothold for the upward move.

The EMA 50 is bearish at the moment and once the bullish mark up starts, we can take slight profits at the retest of the EMA 50.

RSI is at 38. It needs to be dwelled in to the over sold region, where the market can form a bullish divergence for the market continuation upwards.

USDCAD buys from 1.3555

Oct 10 2023