$USDCAD| Pennant Formation Brewing
Key Points
USDCAD on the 4hr chart is slowly retracing & may revisit the support levels of $1.2727 levels.
*However, on the daily chart, the trend is still bullish as supported by the 28EMA being above the 49EMA
*Also, on the daily chart, upside momentum maybe building due to the moves above the longer term trend line connecting both troughs of Sept 2017 and Feb 2018.
*On the flip side, the daily chart also shows, a flag formation pattern, as seen by the shorter term declining trend line connecting the peaks set in May 2017, and March 2018.
*On the daily,USDCAD resistance levels are seen as follows : $1.2815 & $1.2935, while support levels are seen at : $1.2727 & $1.2625 followed by a deeper level at $1.2463.
USDCAD on the 4hr chart is slowly retracing & may revisit the support levels of $1.2727 levels.*However, on the daily chart, the trend is still bullish as supported by the 28EMA being above the 49EMA
*Also, on the daily chart, upside momentum maybe building due to the moves above the longer term trend line connecting both troughs of Sept 2017 and Feb 2018.
*On the flip side, the daily chart also shows, a flag formation pattern, as seen by the shorter term declining trend line connecting the peaks set in May 2017, and March 2018.
*On the daily,
USDCAD resistance levels are seen as follows : $1.2815 & $1.2935, while support levels are seen at : $1.2727 & $1.2625 followed by a deeper level at $1.2463.
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