- Breaking above the R1 suggests buying as USD/CAD should jump higher towards R2!
USD/CAD move in range on the H4 chart after failing to make a new higher high. The price has decreased a little developing a potential continuation pattern. The triangle formation could attract more buyers before resuming its upwards movement.
The pair needs some good US data during the week to be able to jump towards fresh new highs. Fundamentally, some positive US figures later today should boost USD/CAD, while poor numbers could add more selling pressure.
USD/CAD Needs A Bullish Spark!
Technically, USD/CAD is expected to increase further after escaping from two Falling Wedge patterns. Unfortunately, the poor data reported by the US ISM Manufacturing PMI and by the Final Manufacturing PMI have weighted on USD’s performance.
An upside breakout from this symmetrical triangle and through the R1 (1.2875) represents a great buying opportunity, signal. USD/CAD has tested and retested the Pivot Point (1.2780) signaling that it could rebound from this level.
Buying Signal – if USD/CAD increases and makes an upside breakout from the current price formation. Closing above the former higher and beyond the R1 (1.2875) indicates a further growth towards the R2 (1.2976) or higher.
Selling Signal – could be represented by a bearish candle closed under 1.2763 today’s low.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.