USDCAD amid positive expectations – Technical Analysis – 23-10-2015

USDCAD pair rose recently after forming positive formation that reversed the bearish correctional trend, this pattern is the inverted head and shoulders’ pattern that appears on chart, and the price breached this pattern’s neckline supported by the positive pressure of the moving average 50, besides positive divergence that was formed by stochastic, reaching 1.3150 resistance level and shows some bearish rebound to gain some positive momentum that might assist it to rise and attack the mentioned level.

Therefore, we expect to rise in the coming trading especially after breaching 1.3150 resistance, targeting 1.3270 level as a  main target of the above mentioned pattern.