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01.10.202016:37 Forex Analysis & Reviews: USDCAD reaches pull back target

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USDCAD has pulled back as expected inside the 1.33-1.3260 area. Price has now reached very close to key trend line support. Turning bullish again at current levels is preferred as price is just above key support.

Red line - support trend line

Green rectangle - pull back target area

USDCAD is trading just above the red upward sloping trend line support. This support is at 1.3260. As long as price is above this level bulls remain in control of the short-term trend. So now that we have reached the pull back target we could turn short-term bullish once again. Price can now bounce off the red trend line and continue higher towards 1.35. Bulls do not want price to break below 1.3250 that is why we now prefer to turn bullish again just by risking 50 pips.

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