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

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