First bull target was achieved by breaking the resistance line at 1.2740. Second bull target is seen at the 1.28 level and if we get a close above this level then bullish trend on the short-term time frame will be confirmed.
Chart: USD/CAD H4
Wednesday, May 4, 2016
USD/CAD Trend Reversal
USD/CAD is trading heavily to the upside since yesterday's bottom of 1.2511, marking an 11-month low. After it hit the milestone, the pair skyrocketed to a high of 1.2785. Main trend appears to be subject to change as bulls have reacted sharply to the last low indicating that they might be ready to take price higher.
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I think its next target is around 1.2950.
ReplyDeleteThe move to the upside continues.
ReplyDeleteGreat analysis, thank you for sharing!
ReplyDeleteGood point, I'll be watching.
ReplyDeleteGreat take on markets today.
ReplyDeleteOn the rise.
ReplyDelete