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.
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