Flag on USD/CAD

Flag on USD/CAD

Yesterday, the USD/CAD currency pair kept a local support level of 1.34400, which triggered the bullish sentiment. At the moment, the classical figure of the technical analysis Flag (H1 timeframe) has been formed, which is a continuation form of the current trend. Indicators also point to the continuation of the upward trend: the price is above 50 MA and 200 MA; The MACD histogram has fixed in the positive zone and continues to rise. We recommend you to pay attention to this situation.

It is better to consider purchases of USD/CAD if the price fixes above 1.35100. The movement is tending potentially to 1.35700-1.35850. Confirmations and entry points to the market should be looked for on the smaller timeframes.

by JustForex, 2017.06.01

View trading ideas by the Price Action method.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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