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USDCAD is moving above 1.33 and is approaching our bounce target of 1.3350-1.34. Price has broken out of the bearish channel and after the back test at 1.3160 we turned bullish looking for a move towards 1.3350-1.34.
Blue lines - bearish channelGreen rectangle - support
Black lines - Fibonacci levels
USDCAD is bouncing higher and so far price has broken above the 38% Fibonacci retracement of the latest downward move. Next target is the 1.3420 where we find the 61.8% Fibonacci level. As long as price is above the 1.3160 green rectangle area we remain bullish.
On a weekly basis price has broken out of the bearish long-term channel. If price continues to make higher highs and higher lows we could see USDCAD reaching 1.36 where we find the 38% Fibonacci retracement of the entire decline since March. We remain bullish since our buy signal around 1.3160 and we raise our stop to that level. Next target is 1.3350-1.3420.¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.