Chart of the Day: USDCAD – Poised for upside rally

The strong upside rally in the Dollar on Friday 1st of March 2019 saw the pair rallied strongly after continuously finding support at 61.8% (1.3119) Fibonacci retracement level. The support level also coincides with the demand line of the upward sloping trendline (this has been tested 4 times).

Soure: MT4 Daily Timeframe

Candle pattern formed a bullish engulf pattern on both the daily and weekly timeframes.

Price currently trading within the Fibonacci retracement levels while above the 50% Fibonacci retracement 1.3223 approaching a supply trendline

A breakout above the downward sloping trendline and 38.2% Fibonacci would validate the renewed uptrend towards 1.3443

Happy Trading Week

About admin 11 Articles
At Trendonomics we sharpen your investing and trading skills through Technical Analysis research and commentaries supported by our well designed courses & events.

Be the first to comment

Leave a Reply

Your email address will not be published.


*