USDCAD Price Analysis: Bulls are gearing up for an advance
|- USDCAD bulls could be about to make their move.
- However, the trendline support remains a favourable target.
The Canadian dollar strengthened to its strongest since September 19th, but a reversal could be about to take shape as per the following analysis. While the greenback is out of favor, and sentiment may take time to switch, the technical are aligned for a move up.
USDCAD daily chart
USDCAD H1 and M15 charts
The price is making a move for it on the backside of the micro trendline. This is a bullish development for the days ahead. A break above 1.3390 opens the risk of a move to the major trendline opens the risk of a break above 1.3575 and much further. Looking at the M-formation on the weekly chart, for instance, we have the potential for a significant correction:
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