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USD/CAD Potential Upward Movement

USD/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.27629, 1.28305, 1.28949.

Key Support Levels: 1.26973, 1.25880, 1.25800.

Daily Chart:

The price on the higher time frame succeeded to break the 1.26973 CAD mark by posting an engulfing bullish pattern under it. We expect further movement to the upside in the same direction of the main trend toward the 1.27629 CAD level.

USD/CAD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair succeeded to break the bullish flag to the upside where it is retracing now to the 1.26973 CAD mark before a new impulsive wave toward the target profit which is the 1.27622 CAD level.

Signal Idea:

Buy Limit Order @ 1.26989

TP 1 @ 1.27622

TP 2 @ 1.28305

Stop Loss @ 1.26720

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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