USDCAD Long opportunity has presented itself.
The pair is being contained within an ascending channel which commenced in May 2016 and has since made HH and HL formations within the channel resistance and support.
Price recently bounced from the support of the channel but then encountered resistance at 1.3570 which was the previous HH of the channel. Following a rejection and retracement from this level the pair found support again around the ascending channel TL at the 1.3200 level.
I am now expecting price to push on from this point to form new highs within the channel as displayed on my chart.
Overall the pair is in a long term ascending trend and this can be seen on the weekly timeframe. I anticipate the bullish nature of this pair to dominate throughout 2017 but of course I will monitor and amend my perspective in alignment with the market conditions.
The pair is being contained within an ascending channel which commenced in May 2016 and has since made HH and HL formations within the channel resistance and support.
Price recently bounced from the support of the channel but then encountered resistance at 1.3570 which was the previous HH of the channel. Following a rejection and retracement from this level the pair found support again around the ascending channel TL at the 1.3200 level.
I am now expecting price to push on from this point to form new highs within the channel as displayed on my chart.
Overall the pair is in a long term ascending trend and this can be seen on the weekly timeframe. I anticipate the bullish nature of this pair to dominate throughout 2017 but of course I will monitor and amend my perspective in alignment with the market conditions.