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18.06.202115:40 Forex Analysis & Reviews: Weekly reversal in USDCAD

Análisis a largo plazo

USDCAD is trading near 1.24, when just a couple days ago it was trading at 1.2150. Our bullish signal at 1.2130 has progressed nicely and price has not only reached our 1.2350 target, it has also broken above the long-term downward sloping resistance trend line.

Exchange Rates 18.06.2021 analysis

Red line - resistance

Blue lines- Fibonacci retracements

USDCAD has most probable completed the decline from 1.45 and is now going to at least make a counter trend bounce. Having broken the long-term red trend line resistance, the chances of continuing this upward bounce towards the 38% Fibonacci retracement at the 1.2930-1.30 area are increasing. Short-term trend has changed to bullish as price has started making higher highs and higher lows. On a weekly basis the RSI is turning upwards from oversold levels and price is breaking important resistance levels. The next few weeks are expected to be bullish and push price towards the 38% Fibonacci level.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

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