The USD/CAD currency pair, on the D1 chart, has been in a range from the 7th of March when a higher top was recorded at 1.34676.
Following the top at 1.34676, the market broke through the 15 and 34 Simple Moving Averages as sellers found the price attractive, but buyers swiftly countered and the price bounced on the 34 Simple Moving Average when a bottom was registered at 1.32506. A Hammer Candle that formed at the bottom as well as the Momentum Oscillator that did not break the zero baseline, both confirmed that there were still active buyers in the market.
During the next 22 trading days buyers and sellers remained in balance and neither managed to overcome the other. This was confirmed when the market started oscillated around both the 15 and 34 Simple Moving Averages as well as the Momentum Oscillator zero-baseline. As more and more buyers and sellers moved to the sidelines, waiting for a reason to get involved with the market, a Wedge pattern was formed and the price is currently still stuck inside.
As long as buyers and sellers maintain an impartial sentiment and demand stays in balance with supply, the outlook for USD/CAD currency pair on the D1 time-frame will remain neutral.
Following the top at 1.34676, the market broke through the 15 and 34 Simple Moving Averages as sellers found the price attractive, but buyers swiftly countered and the price bounced on the 34 Simple Moving Average when a bottom was registered at 1.32506. A Hammer Candle that formed at the bottom as well as the Momentum Oscillator that did not break the zero baseline, both confirmed that there were still active buyers in the market.
During the next 22 trading days buyers and sellers remained in balance and neither managed to overcome the other. This was confirmed when the market started oscillated around both the 15 and 34 Simple Moving Averages as well as the Momentum Oscillator zero-baseline. As more and more buyers and sellers moved to the sidelines, waiting for a reason to get involved with the market, a Wedge pattern was formed and the price is currently still stuck inside.
As long as buyers and sellers maintain an impartial sentiment and demand stays in balance with supply, the outlook for USD/CAD currency pair on the D1 time-frame will remain neutral.