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FX.co ★ Trend line analysis for USDCAD

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Forex Analysis:::2020-09-17

Trend line analysis for USDCAD

USDCAD has been making higher highs and higher lows since bottoming near 1.30. Price has broken out of the bearish channel and has given us a bullish signal targeting 1.3350-1.34. So far price has not given a bearish reversal and so we continue to expect price to move higher.

analytics5f6393e2970e6.jpg

Blue lines - bearish channel

Pink line - expected move

Green line -support trend line

USDCAD as shown above is making higher highs and higher lows. Price is holding above the green support trend line. Support is at 1.3170-1.3150. Resistance is at 1.3230. Recapturing 1.3230 and staying above it, will increase the chances of our bullish scenario for a move towards 1.3350.

Alexandros Yfantis
Analyst InstaForex
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