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USDCAD has so far made one attempt at the resistance area of 1.3380 but it got rejected. Short-term price action though looks like bulls are just getting ready for a break out as a bullish flag has been formed.

Exchange Rates 08.10.2019 analysis

Black rectangle - short-term resistance

Price has formed a bullish flag pattern and we see price now trying to break out of the flag. With resistance at the black rectangle area, we see price reaching at least 1.3430 if we break above 1.3350. We are short-term bullish as long as price holds above 1.3285. The 1.3350-1.3380 is a major resistance area and a break above it will open the way for a move above 1.35.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2019
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