BULLISH ON USD/CAD (ASCENDING TRIANGLE)
Bullish clues:
- General uptrend since May 2021
- Ascending triangle, and USD/CAD just perfectly rebound on the ascending triangle's support and the 150 EMA
- Hidden Bullish Divergence on the Relative Strength Index (RSI)
- Increase of volumes
Fundamental news:
- Oil price was increasing and CAD was decreasing for 3 weeks, because USD/CAD and oil prices are 80% negatively correlated. But, pay attention to the oil chart: oil reached a resistance and could decrease or break up this level of $76.00.
Objective:
If the ascending triangle is confirmed, USD/CAD could goes up to the level of 1.30000 (resistance and 38.2% Fibonacci retracement level) and then up to the 1.33400 (ascending triangle's theoretical objective and 50% Fibonacci retracement level)
WAIT A PULLBACK AS A CONFIRMATION OF THE ASCENDING TRIANGLE
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- General uptrend since May 2021
- Ascending triangle, and USD/CAD just perfectly rebound on the ascending triangle's support and the 150 EMA
- Hidden Bullish Divergence on the Relative Strength Index (RSI)
- Increase of volumes
Fundamental news:
- Oil price was increasing and CAD was decreasing for 3 weeks, because USD/CAD and oil prices are 80% negatively correlated. But, pay attention to the oil chart: oil reached a resistance and could decrease or break up this level of $76.00.
Objective:
If the ascending triangle is confirmed, USD/CAD could goes up to the level of 1.30000 (resistance and 38.2% Fibonacci retracement level) and then up to the 1.33400 (ascending triangle's theoretical objective and 50% Fibonacci retracement level)
WAIT A PULLBACK AS A CONFIRMATION OF THE ASCENDING TRIANGLE
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Order cancelled:
Ascending triangle invalidated!