USDCAD Bearish Gartley Pattern
USDCAD erased intraday losses over the last hours, as the loonie weakened in tandem with oil prices, while the dollar recovered from post-FOMC lows. Price broke below the uptrend, and it’s correcting moving up where most likely will complete abearish gartley at a slide parallel of a median line. Stoploss & profit targets as shown at the chart. If price reaches the first target move stoploss at breakeven in seond position (USDCAD Technical Analysis).
USDCAD Harmonic Pattern forming
The persistent weakness around crude oil prices continue to weigh on the Canadian dollar, with the barrel of West Texas Intermediate breaking below the key $41.00 barrier, or fresh 3-month lows. Later in the NA session, spot will remain exposed in light of the release of the advanced US Q2 GDP figures and May’s GDP results in Canada. Further data will see the final print of the Reuters/Michigan index for the current month (USDCAD Technical Analysis).
USDCAD Technical Analysis Short
After only so recently breaking free of its ascending triangle structure, eyes are once again on the Loonie as the pair could be moving back below the key 1.3103 level. However, there is mounting evidence that the USDCAD is set to bounce off support and turn bullish going forward. Namely, EMA activity and stochastic readings are providing some strong reasons to expect support to hold in the coming sessions.
USDCAD Form Is Remarkable
After bottoming out near 1.3140 in early trade, the pair has sparked a correction higher as CAD continues to shed pips following increasing downside pressure around crude oil prices. The greenback continues to recover part of the ground lost vs. its Canadian neighbour on Thursday, now sending USDCAD to the 1.3170/75 band.
USDCAD Long To The Upside
USDCAD DAILY Marked up the pair on the DAILY TIMEFRAME, and came across a Ascending Triangle. It did infact BROKE through and retest the S/R at 1.31439. Currently it closed above and is printing a bullish candle. We are expecting it to go up to TP #1 which is the next most touched S/R at 1.32148 and if it closes above that… then proceed to TP #2 at 1.32748
Meanwhile on the upside, recovery momentum above 1.3180 would confirm continuation of the pair’s near-term bullish momentum and lift it back above 1.3240 resistance area. A follow through buying interest would open room for an immediate test of 1.3280 intermediate resistance ahead of its next major resistance near 1.3400 round figure mark.