USD/CAD Price Analysis: Bulls eye a break of the 1.3480s
|- USD/CAD bulls are on the approach to the 1.3470s.
- A break of 1.3480 would potentially pull in further demand.
The Canadian Dollar strengthened against its US counterpart on Wednesday as risk appetite rose and investors raised bets on another interest rate hike by the Bank of Canada. However, there are bullish tendencies on the charts as the following analysis will illustrate:
USD/CAD daily charts
Firstly, the double bottom is a bullish scenario on the daily chart. While the market is coiling and the breakout of the triangle could go either way, there appears to be support as follows:
The correction of the prior bullish impulse into the 50% mean reversion area is decelerating and could lead to a bullish continuation.
USD/CAD H4 chart, the bullish scenario
On the 4-hour chart, we see that the price is on the approach to the 1.3470s and a break of 1.3480 would potentially pull in further demand.
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.