The latest elections in Canada showed that Liberal party won elections which was a surprise. That could be positive for Canada, but i expect that it weights down on CAD national currency. All good things which have happened to Canada might be forgotten ( balanced budgets, low taxes , good foreign policy ) as Liberal's Party leader Trudeau is promising to run deficits and pull out operations in Syria and Iraq which is bad news for U.S conservatives. The dropping oil price on Wednesday also tanked down CAD and the trend for USDCAD is BULLISH now.
Technically we can see that Up channel has been established again and the pair is zig-zagging toward Bullish targets. The break of 1.3045 level has established INVERTED Head and Shoulders pattern and another bullish leg to the upside. POC comes in 1.3030-45 zone and dips in the zone could be used for another leg of buying. Targets are 1.3188 ( X cross, H3 ) and 1.3235 ( H4 , channel overhead ). If the 4h candle closes above 1.3235 then 1.3315 will be next target. 1.2950-30 zone should hold for this scenario to succeed.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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