USDCAD chart patterns: 3 crucial info. to keep in mind
The 6 hour timeframe of the USDCAD is shown in this analysis and commentary is provided below based on the numbers indicated on the chart.
(1) Bearish trendline established since May 17, 2017 in the USDCAD that is currently active and is expected to serve as a selling point upon price targeting the trendline. Price closing above the trendline implies more bullish action in the USDCAD.
(2) Bullish price channel established since September 6, 2017 with the most recent test of the channel occurring at ~1.28925 on August 27, 2018. The minimum expectation on a breakout above the bearish trendline i.e. (1) is the upper boundary of the channel.
(3) Lack of bullish momentum and/or price closing below the lower boundary of the channel could see the USDCAD retrace back to its bullish trendline for long term support.
(1) Bearish trendline established since May 17, 2017 in the USDCAD that is currently active and is expected to serve as a selling point upon price targeting the trendline. Price closing above the trendline implies more bullish action in the USDCAD.
(2) Bullish price channel established since September 6, 2017 with the most recent test of the channel occurring at ~1.28925 on August 27, 2018. The minimum expectation on a breakout above the bearish trendline i.e. (1) is the upper boundary of the channel.
(3) Lack of bullish momentum and/or price closing below the lower boundary of the channel could see the USDCAD retrace back to its bullish trendline for long term support.
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