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USDCAD chart patterns: 3 crucial info. to keep in mind

The 6 hour timeframe of the USDCAD is shown in this analysis and commentary is provided below based on the numbers indicated on the chart.

Chart patterns in USDCAD, canadian dollar forecast

(1) Bearish trendline established since May 17, 2017 in the USDCAD that is currently active and is expected to serve as a selling point upon price targeting the trendline. Price closing above the trendline implies more bullish action in the USDCAD.

(2) Bullish price channel established since September 6, 2017 with the most recent test of the channel occurring at ~1.28925 on August 27, 2018. The minimum expectation on a breakout above the bearish trendline i.e. (1) is the upper boundary of the channel.

(3) Lack of bullish momentum and/or price closing below the lower boundary of the channel could see the USD CAD retrace back to its bullish trend line for long term support.

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2 thoughts on “USDCAD chart patterns: 3 crucial info. to keep in mind

  1. […] in USDCAD? Check out our free analysis here. Besides, analysis of Bitcoin (BTCUSD) can be […]

  2. […] in USDCAD? Check out our free analysis here. Besides, AUDJPY analysis and Bitcoin (BTCUSD) can be […]

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