USD/CAD Technical Analysis: Bullish flag pattern spotted on short-term charts

Haresh Menghani FXStreet

• The pair traded with a mild negative bias through the early European session on Wednesday and eroded a part of the previous session's strong upsurge to near two-week tops.

• Given the overnight upsurge, the downtick along a descending trend-channel on the 30-min. chart constituted towards the formation of a bullish flag chart pattern.

• Moreover, technical indicators on the mentioned chart have also eased from near-term overbought conditions and thus, support prospects for an extension of the positive momentum.

• However, a convincing break below the key 1.30 psychological mark will negate the positive outlook and turn the pair vulnerable to accelerate the slide back towards mid-1.2900s.

USD/CAD 30-min. chart

USD/CAD

Overview:
    Last Price: 1.3036
    Daily change: -32 pips
    Daily change: -0.245%
    Daily Open: 1.3068
Trends:
    Daily SMA20: 1.2951
    Daily SMA50: 1.3015
    Daily SMA100: 1.3058
    Daily SMA200: 1.2875
Levels:
    Daily High: 1.3072
    Daily Low: 1.2925
    Weekly High: 1.2956
    Weekly Low: 1.278
    Monthly High: 1.32
    Monthly Low: 1.278
    Daily Fibonacci 38.2%: 1.3015
    Daily Fibonacci 61.8%: 1.2981
    Daily Pivot Point S1: 1.2971
    Daily Pivot Point S2: 1.2874
    Daily Pivot Point S3: 1.2824
    Daily Pivot Point R1: 1.3118
    Daily Pivot Point R2: 1.3168
    Daily Pivot Point R3: 1.3265

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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