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2/24/2016 3:36:59 AM

USDCAD rides a correctional wave upwards - Technical Analysis - 24-02-2016



USD/CAD rose in the short term, succeeding in breaking through the ceiling of a positive technical pattern that formed earlier in the short term, the Descending Wedge pattern, as shown in the attached chart, which led the pair higher, trespassing the SMA50 and getting rid of its negative pressure, while doubling its positive pressures, with an influx of positive signals from relative power indicators.

Therefore we expect the pair to rise further, targeting the pivotal resistance of 1.4012 as a price target for that forming technical pattern.


Target
Risk


Support
Resistance


Trend Bullish

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