Bullish clues:
- General uptrend since May 2021
- Ascending triangle, and USD/CAD just perfectly rebound on the ascending triangle's support and the 150 EMA
- Hidden Bullish Divergence on the Relative Strength Index (RSI)
- Increase of volumes
Fundamental news:
- Oil price was increasing and CAD was decreasing for 3 weeks, because USD/CAD and oil prices are 80% negatively correlated. But, pay attention to the oil chart: oil reached a resistance and could decrease or break up this level of $76.00.
Objective:
If the ascending triangle is confirmed, USD/CAD could goes up to the level of 1.30000 (resistance and 38.2% Fibonacci retracement level) and then up to the 1.33400 (ascending triangle's theoretical objective and 50% Fibonacci retracement level)
WAIT A PULLBACK AS A CONFIRMATION OF THE ASCENDING TRIANGLE
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- General uptrend since May 2021
- Ascending triangle, and USD/CAD just perfectly rebound on the ascending triangle's support and the 150 EMA
- Hidden Bullish Divergence on the Relative Strength Index (RSI)
- Increase of volumes
Fundamental news:
- Oil price was increasing and CAD was decreasing for 3 weeks, because USD/CAD and oil prices are 80% negatively correlated. But, pay attention to the oil chart: oil reached a resistance and could decrease or break up this level of $76.00.
Objective:
If the ascending triangle is confirmed, USD/CAD could goes up to the level of 1.30000 (resistance and 38.2% Fibonacci retracement level) and then up to the 1.33400 (ascending triangle's theoretical objective and 50% Fibonacci retracement level)
WAIT A PULLBACK AS A CONFIRMATION OF THE ASCENDING TRIANGLE
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
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Ascending triangle invalidated!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.