USD/CAD Potential Upward Movement

USD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.2628, 1.2687, 1.2700

Key Support Levels: 1.2466, 1.2366, 1.2350

Daily Chart:

The price on the higher time frame the price moved higher after the Wyckoff accumulation phase where it posted higher highs and lows. The price as well succeeded to break the daily resistance around the 1.2466 USD and retrace to it. We are expecting further movement to the upside in the coming hours.

USD/CAD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair is trading inside a bullish channel formation where we are about to see a lower correction to the highlighted zone which coincides with the lower end of the channel. This could lead to a move upward in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 1.2526

TP 1 @ 1.2626

TP 2 @ 1.2687

Stop Loss @ 1.2492

Trade Safely 🙂