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USD-CAD Tracing Bullish Chart Pattern

Publish Date20/10/2012 07:58:25 PM

Last Update20/10/2012 08:03:42 PM

USD-CAD Tracing Bullish Chart Pattern

 

 

 

The pair has showed a strong bounce after placing the significant low of 0.9630 on September, 14 as seen on the provided daily graph.

This bullish correction has ended the previous week battling a very critical level at 38.2% Fibonacci retracement of the entire downside rally started on June, 04 at 1.0445 to the aforesaid trough.

 

 

 

 

 

Click on the image for a larger view

The question now is; shall the pair hit this hard technical obstacle next week? Actually, we believe that the pair will continue to head upwards and will be able to take out 38.2% Fibonacci retracement level based on the following technical factors:

  1. The bullish stick sandwich which was followed by a long white candle as seen on the secondary image.
  2. The positivity above SMA 20 and SMA 50.
  3. The bullish signals appearing on MACD traditional as its lines have already crossed over and are on the way to hit the histogram.

Technical targets reside at 61.8% Fibonacci of the main descending wave at 1.0135 as far as the pivotal support of 0.9795 - just a few pips below 23.6% at 0.9825- remains intact.

Of note, 50% Fib. at 1.0040 may slow down the awaited bullish wave but we don’t think it will prevent the pair from achieving a considerable advance.

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