For Traders

Analytical Reviews

Technical analysis

25.02.202000:36 Forex Analysis & Reviews: Possible bullish pattern is USDCAD

Long-term review

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 has formed a very promising bottom formation around 1.32 and is bouncing towards 1.33 as expected. Next targets are at 1.3358 and 1.3425 as long as price is above 1.32.

Blue line - bearish divergence

Red line - resistance (broken)

Horizontal red lines - targets

Green line - expected path

USDCAD I believe has made a meaningful bottom at 1.32 and we should expect price to continue higher above 1.33. The RSI has been making glaring bullish divergence warning signs. Price has also broken above recent lower high strengthening our bullish scenario.

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.