USD/CAD a New Trend Forming?
USD/CAD has broken out of its months-long channel trend. It is clearly in an up-trend that since early October 2018, has been trading within its channel lines. The one time it really broke from its channel trend, was to the downside, on December 3rd, 2018. This could have signaled the end of the trend right there, but the following session saw a bullish engulfing pattern, resuming the upwards trend. If you notice as well, the Moving Average line was forming the basis of a support as well. It is now way past the support and Moving Average line.
Look for Monday to tell what new trend is forming in USD/CAD. If it trades higher, this may be the formation of a new up-trend. However, I think there is a strong possibility that people take profit on Monday, and there is regression downwards closer to its moving average line support. Something to watch!
Look for Monday to tell what new trend is forming in USD/CAD. If it trades higher, this may be the formation of a new up-trend. However, I think there is a strong possibility that people take profit on Monday, and there is regression downwards closer to its moving average line support. Something to watch!
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