USDCAD builds positive formation – Technical Analysis – 30-05-2016

The USDCAD shows positive trading recently to form bullish pattern, which is the inverted head and shoulders’ pattern that appears on the above chart, this pattern’s confirmation line is located at 1.3180, and breaching it will offer strong positive motive that supports heading towards 1.4000 areas.

The exponential moving averages 50 and 100 support the price from below to provide positive chances to complete the mentioned pattern, and the price gets positive signal by MACD.

The bullish trend will be expected for the coming period, and the main condition is the price stability above 1.2910 to continue this positive scenario.