For Traders

Analytical Reviews

Technical analysis

17.09.201922:43 Forex Analysis & Reviews: USDCAD remains in long-term bullish channel targeting 1.3520

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USDCAD after getting rejected at the major Fibonacci resistance at 1.3355-1.3370 area has pulled back towards 1.3150. The bullish channel was not broken and price looks like it has formed a tradeable bottom.

Blue lines - long-term bullish channel

Red lines - targets if green rectangle is broken

Green rectangle - resistance

USDCAD respects the long-term bullish channel. Support is now at recent low at 1.3134 and resistance at the important Fibonacci level shown as a green rectangle. If price breaks above this area we should expect USDCAD to move towards the 100% extension of the first leg at least. Target is at 1.3520 as long as price is above 1.3130. This target is confirmed if we break above 1.3380.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.