empty
 
 
18.07.2019 04:15 PM
USDCAD challenges long-term lower channel boundary

USDCAD at 1.3030 has challenged the lower boundary of its long-term upward sloping channel from September of 2017 lows. Price has the potential to stage a bullish reversal especially if price breaks above 1.3140.

This image is no longer relevant

Blue upward sloping lines - long-term bullish channel

The decline from 1.3550 could already be over. Price has reached the lower channel boundary and is showing reversal signs as support levels at 1.30 are being respected. Short-term resistance is found at 1.31 and next at 1.3150. Breaking above these two levels will increase the chances of a bullish reversal in medium-term trend. At 1.3225 we find the first important medium-term target if the reversal is confirmed.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback