USDCAD is on an uptrend since forming a support at 1.29500.
Levels to watch:
- The rebound on the support has formed a channel up similar to another two occasions.
- The price just hit the MA50 and is consolidating.
- The long term pattern is a bearish megaphone.
- The bearish megaphone's lower highs are made when the price crosses the MA200. This is a top confirmation.
Projection:
- With the MACD still on a bullish trend, we expect the price to continue rising inside the channel up until it crosses the MA200 and makes a lower high on the megaphone.
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Levels to watch:
- The rebound on the support has formed a channel up similar to another two occasions.
- The price just hit the MA50 and is consolidating.
- The long term pattern is a bearish megaphone.
- The bearish megaphone's lower highs are made when the price crosses the MA200. This is a top confirmation.
Projection:
- With the MACD still on a bullish trend, we expect the price to continue rising inside the channel up until it crosses the MA200 and makes a lower high on the megaphone.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!