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T3-Consultancy

USDCAD H4: Bullish outlook seen, further upside above 1.3580

Long
U.S. Dollar / Canadian Dollar (FOREXCOM:USDCAD)  
T3-Consultancy  
FOREXCOM:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns DJ FXCM Index USDCAD usdcadlong usdcadbullish Forex forexsignals forextrading
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trendanalysis harmonicpatterns chartpattern usdollar usdcad usdcadlong usdcadbullish forex forexsignals forextrading
On the H4 timeframe, prices are testing a key resistance-turned-support zone at 1.3580, in line with the 23.6% Fibonacci retracement. A throwback to this zone could present the opportunity to ride the bounce to the resistance zone at 1.3680, which coincides with the 38.2% Fibonacci extension. Stochastic RSI is in the oversold region below 20, prices are holding above the 50 EMA and Ichimoku cloud, while ADX is above 25, supporting our bullish bias.
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