USD/CAD inverted head and shoulders bullish
|USD/CAD technical analysis
-
Bullish SHS formation.
-
Bullish trend continues above 1.2935.
-
1.2970 zone is target.
-
Buying the dips.
MEGATREND MAs: Bullish
H1 USD/CAD
1. Left shoulder.
2. Head.
3. Right shoulder.
4. W H4 target.
The USD/CAD is in uptrend. Megatrend moving averages are bullish and we can also spot hourly bullish candles and bullish inverted head and shoulder pattern. Yesterday, the GDP came exactly as expected and the USD/CAD initially dropped. However as the price is in uptrend, I saw this as an opportunity to buy into the dip and continue moving forward with technical trading. Next target zone is 1.2935 and 1.2970 should be next as intraday/intraweek target.
This analysis is a part of the Megatrend trading course. I have 1 long position that I will maintain. The intraday target is 1.2953 while the intraweek target is 1.2969. There is no swing target yet but it might happen if the price breaks 1.2969.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.