USD/CAD Technical Analysis: Bullish flag points to a possible move towards June monthly swing high
|• The pair's intraday corrective slide from 4-1/2 month tops, touched overnight, has been along a short-term descending trend-channel on 15/30-mins charts.
• Against the backdrop of a strong up-move over the past two-trading session, the mentioned channel constituted towards the formation of a bullish flag.
• Technical indicators on hourly charts have already cooled off from overbought zones and continue holding in the bullish territory on the daily chart.
• The technical set-up support prospects for a continuation of the up-move and hence, a move towards June swing highs, around 1.3385-90 region, remains a distinct possibility.
USD/CAD
Overview:
Last Price: 1.329
Daily change: -17 pips
Daily change: -0.128%
Daily Open: 1.3307
Trends:
Daily SMA20: 1.3154
Daily SMA50: 1.305
Daily SMA100: 1.3069
Daily SMA200: 1.2973
Levels:
Daily High: 1.332
Daily Low: 1.3156
Weekly High: 1.3264
Weekly Low: 1.3127
Monthly High: 1.3172
Monthly Low: 1.2783
Daily Fibonacci 38.2%: 1.3257
Daily Fibonacci 61.8%: 1.3218
Daily Pivot Point S1: 1.3202
Daily Pivot Point S2: 1.3097
Daily Pivot Point S3: 1.3038
Daily Pivot Point R1: 1.3366
Daily Pivot Point R2: 1.3425
Daily Pivot Point R3: 1.353
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.