Trend line analysis for USDCAD

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Trend line analysis for USDCAD

Trend line analysis for USDCAD

USDCAD has been making higher highs and higher lows since bottoming near 1.30. Price has broken out of the bearish channel and has given us a bullish signal targeting 1.3350-1.34. So far price has not given a bearish reversal and so we continue to expect price to move higher.

Trend line analysis for USDCAD

Blue lines – bearish channel

Pink line – expected move

Green line -support trend line

USDCAD as shown above is making higher highs and higher lows. Price is holding above the green support trend line. Support is at 1.3170-1.3150. Resistance is at 1.3230. Recapturing 1.3230 and staying above it, will increase the chances of our bullish scenario for a move towards 1.3350.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/188262/