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drilonn001

USDCAD bulls active after breaking the resistance M_R2

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
drilonn001 Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Chart Patterns
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trendanalysis chartpattern
Last week after breaking the resistance at M_R2 1.32287, the pair continued the up move. It got rejected at 1.33500 and on the last part of the week it was heading the M_R2 area again. We believe now that this area is a resistance turned to support and bulls should be strong here. In case if we have a test of this area, we will be looking to initiate a bullish position at this area and expecting an move up to the 1.33500, and sl at 1.3156, below the M_R2.
Comment:
USDCAD in the beginning of this week is trading in a narrow range, established also by trading range of the past week. It opened near the M_R2 where our pending buy order was located but then continued higher on the chart. This pair did not gave any market entry possibilities until now this week so now we have to wait for a possible test of the M_R2 where we can take a long position.
Comment:
Same as on the AUDUSD pair, for the USDCAD we were right about the main direction of the move but unfortunately the price did not test the M_R2 level where our buy pending order was set, so we were flat during the whole week for USDCAD pair. As it stands, the mood of the market for the next week will be bullish too.
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