USDCAD Contrarian View. Upside poetential of 1.38000!
USDCAD is simply bullish. Look at the over all and clear up trend. We have just come to the end of a bearish run from the ascending resistance and have finally tested and retested the ascending support. A bullish Pinbar formed at 18:00 on 28th February 2019, which was also rejecting a psychological level of 1.31500 is signaling the start of the next bull run for this pair and not to mention the previous rejections from the ascending support showing its strength. The pair rose from the trend line support and then entered a bearish run back to the trend line ascending support. This is forming a large flag formation and the bullish continuation is set to follow, week commencing 4th March 2019 I would imagine.
Levels to watch are the usual psychological levels and also the weekly resistance of around 1.33000. I expect the price to reach this level and then a possible retracement of the usual 38.2% - 61.8% Fibonacci levels may occur before continuing bullish and surging past this level with the upside potential of 1.38000 where I anticipate the next touch of the overall bullish trend line resistance will be met, with plenty of swings to profit off along the way.
Levels to watch are the usual psychological levels and also the weekly resistance of around 1.33000. I expect the price to reach this level and then a possible retracement of the usual 38.2% - 61.8% Fibonacci levels may occur before continuing bullish and surging past this level with the upside potential of 1.38000 where I anticipate the next touch of the overall bullish trend line resistance will be met, with plenty of swings to profit off along the way.