Forecast for USD / CAD pair on May 2, 2019

USD / CAD pair

Yesterday, the Canadian dollar made a U-turn upside from the MACD indicator line with a confirmatory signal of the marlin oscillator, which its signal line transitions into a zone of positive numbers into a trend growth zone. The price also went above the red indicator line of balance, which means a shift in the market balance towards higher prices.

Taking into account that the price is growing in the direction of the main trend, it can easily pass through the 161.8% Fibonacci level and the April 24 maximum. The immediate goal is the resistance line of the price channel in the area of 1.3560. In the case of a price above this level, the Fibonacci of 200.0% at the price of 1.3605 becomes the subsequent target.

The price left to start going over the MACD line of the four-hour chart, situated just above 1.3445.

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The material has been provided by InstaForex Company - www.instaforex.com