Baxia Markets
October 22, 2021

USDCAD: Meets Support

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The downward movement was significant and solid. The fluctuations were mild during the downward trend. Mostly, the price moved below the middle line of the Bollinger Bands. Although this steady slope had lasted for twenty-five days since Sep 17, it stopped recently on Oct 21. Support power was sudden; we needed to be prepared for the next step.





The Bollinger Bands shrunk, so the price got a chance to touch the upper Bollinger Band, which is a breakout signal. The Ichimoku cloud was not far from the price line when the price went down, so now, the price touched the Ichimoku. This could be considered the beginning of the upward trend. Recently, the Standard Deviation seems to have a new upward trend. Also, the MACD made a bullish signal on Oct 21, which means the upward trend began. Let’s see if the price line could touch the 23.6% Fibonacci level.


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