Outside Bar on USD/CAD

Outside Bar on USD/CAD

Since the beginning of this month, the USD/CAD correction is observed. During this period, the Canadian dollar weakened against the US dollar by more than 250 points. The technical pattern indicates the possibility of further growth of the USD/CAD quotes. Near the "mirror" support level of 1.26500, a number of Outside Bar patterns (timeframe H4) were formed. We recommend you to pay attention to this situation.

If the price fixes above the local resistance of 1.27500, it is necessary to consider buying USD/CAD. The immediate goal for profit taking is 1.28300-1.28600. In the medium term, the USD/CAD currency pair can reach a round level of 1.30000. Confirmations and entry points to the market should be looked for on lower timeframes.

by JustMarkets, 2017.08.10

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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