ClearEdgeFX
Short

USDCAD - MONTHLY CHANNEL RESISTANCE + DOUBLE TOP = REVERSAL?

FX:USDCAD   U.S. Dollar/Canadian Dollar
USDCAD             may possibly be hinting at a major reversal on the monthly chart given the confluence of a few different factors. The most significant one is the price being close to the upper boundary of the ascending channel . It is of course possible that this resistance level will be breached but as we can see the steepness of the trendline formed in recent months (the blue line) is quite significant and as such there's a good chance that we'll likely be seeing a retracement to the 1.2500 level first before we see any more upward movement. Moreover, we may also be seeing a formation of the head-and-shoulders pattern marked by the green circles on the chart. The key word here is 'may'. If we are to see a major reversal then there's a good chance that it'll be marked by a double-top closer to the upper channel trendline . Either way, this is a good pair to keep an eye on because the market is obviously at an interesting junction where buyers and sellers will have to use a bit more force than usual to support their positions. Also, a lot of it will depend on what oil             will be doing price-wise. Should the price of oil             rise then it's a given that this pair will drop. Should interest rates rise in the US then there's a good chance we might see this pair go all the way up to 1.4000 or higher. Always keep an eye on the big picture.

Free forex signals at http://www.clearedgefx.com
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out