USDCAD has broken out of the wedge pattern it was in since September of 2020. Price has broken above the upper boundary of the wedge pattern and has produced a bullish signal targeting 1.2715 and next at 1.2855.
Red line – upper wedge boundary
Red lines – Fibonacci extensions
Blue line- lower wedge boundary
USDCAD needs to continue its move higher and break above 1.2650. This will increase the chances of success of the bullish signal. 1.25 is key support and very important level for this bullish scenario. As long as price is above this level bulls have hopes for a big bounce higher. Failure to stay above 1.25 will cancel the bullish signal.
The material has been provided by InstaForex Company – www.instaforex.com
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