Bullish Engulfing on USD/CAD

Bullish Engulfing on USD/CAD

At the moment, bearish sentiment prevails on USD/CAD. Nevertheless, in the near future, we do not exclude a technical correction. Near the round level of 1.26000, a classic pattern of the Price Action "Bullish Engulfing" (H1 timeframe) was formed. The trading tool has updated local extremes. We recommend you to pay attention to this situation.

If the price fixes above the local resistance of 1.26450, you need to look for entry points to the market to open long positions. The closest goal for fixing profits is the "mirror" resistance level of 1.26800. In the medium term, the currency may reach the offer zone of 1.27500-1.27750.

by JustForex, 2017.08.17

We recommend you to have a look at the actual figures of technical analysis.

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.