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USDCAD weekly analysis.

In our last analysis on USDCAD, we warned traders that price was providing a bullish weekly break out signal. Price had already given us reversal signals and bullish confirmations when it was still trading at 1.2130, however the weekly break out came at 1.2270, while now we managed to reach 1.2750.

analytics60f5d961c8468.jpg

Red line -weekly resistance

Blue lines -Fibonacci retracement levels

USDCAD is at 1.2750 and has potential to reach 1.2950 area where we find the 38% Fibonacci retracement. Short-term trend remains bullish. A pull back towards 1.26 is justified but we consider any pull back a buying opportunity as there is a lot of dynamic to push price towards 1.295-1.30.

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