FX.co ★ Insta_Trader | USD/CAD

USDCAD Price Movement Analysis: Right now, I'm examining the USD/CAD currency pair's price movement. Such a situation is completely conceivable and might go well given the possible bullish scenario for USD/CAD. After rising through four levels, the price is now steadily falling. But there might be a reason for this slow negative trend. Before a notable price increase, it could be required to persuade the bulk of market players to sell. We might witness a significant increase from 1.37890 if my hypothesis is right and the price of this currency pair steadily declines to the 1.37890 accumulation zone following market opening and is unable to break below that level. The pair may move to the 1.39502 region, where a sizeable amount of capital is concentrated, as a result. It's also expected that USD/CAD will drop.

This conclusion is obvious in light of the current price movement. The price has been close to the 61.7% Fibonacci retracement support level on the 4-hour chart for a long time. The price has not been able to reverse or break through this support level, despite the fact that numerous bars have formed at this level. As a result, a breakthrough is probably in store, with USD/CAD falling to the prior Fibonacci retracement support level of 38.3% and losing over half of its value. The selling will probably stop at this point, allowing the price to rise—possibly from 61.7%. The pair may increase to 14.7% within the internal pattern, according to the arrows. Before a retracement to the negative and a medium-term fall, this rise would reach 171 pips.