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EmpowerTrader

USDCAD Buy Opportunity, Short Term Bearish Channel

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
EmpowerTrader  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns
2
0
trendanalysis harmonicpatterns chartpattern
Price has remained in the bearish channel since mid June. Price tested key support yesterday, where price rejected a bearish breakout. The current bearish trend could be attributed to the recent jump in the oil price.

Scenario One (Rebound): Price rebound from key support, continuing to move to the upside.

Scenario Two (Bearish Breakout): Price breaks through key support, pushing lower.

Comment: US GDP report coming out today! Watch out for increased volatility.
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