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05.06.201812:25 Forex Analysis & Reviews: Analysis of USD/CAD for June 05, 2018

Long-term review

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Recently, the USD/CAD pair has been trading upwards. The price tested the level of 1.2970. According to the H1 time frame, I found a potential end of the (abc) downward correction phase, which is a sign that selling looks risky. I also found a breakout of the intraday bullish flag in the background, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the levels of 1.3045 and 1.3085.

Resistance levels:

R1: 1.2954

R2: 1.2985

R3: 1.3012

Support levels:

S1: 1.2896

S2: 1.2869

S3: 1.2838

Trading recommendations for today: watch for potential buying opportunities.

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