Source: Forex Analysis
USD/CAD has been trading upside. The price tes
ted the level of 1.3492. We are expecting more upside on the USD/CAD.
According to the H4 time-frame, we found that there is the breakout of the bullish flag and the rejection of the 20EMA, which is sign for the potential upside continuation. There is also a new up momentum on the MACD oscillator, which is another sign of the potential strength. We placed Fibonacci expansion to find potential upside target. We got Fibonacci expansion 61.8% at the price of 1.3520. Watch for buying opportunities with the target at 1.3520.
Upward references are set:
Swing high – 1.3504
Fibonacci expansion 61.8% – 1.3520
Downward references are set:
Swing low – 1.3455
Major low – 1.3380
The material has been provided by InstaForex Company – www.instaforex.com