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USD/CAD has finally managed to escape from the minor Falling Wedge reversal pattern signaling further growth ahead. The pair has shown oversold signs recently, but it was premature to go long before getting confirmation.
Better than expected US manufacturing and services data on Friday boosted the pair. It shouldn't be a surprise if a neutral FED and good US data reported during this week will lead the pair towards fresh new highs in the short term.
USD/CAD has finally closed above the red downtrend line, Falling Wedge's resistance, trying to validate the reversal pattern. I've told you on other occasions, in my previous analyses that, USD/CAD is still expected to turn to the upside after escaping from the major Falling Wedge pattern.
Technically, the pair could come back in the short term to test and retest the broken red line before resuming the bullish momentum. It could retest also the Pivot Point (1.2706) ahead of new upside momentum.
A bullish closure above 1.2782 today's high suggests buying with targets at R2 (1.2916) and higher at the S3 (1.3034).
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