USD/CAD Technical Analysis: Bullish flag points to a possible move towards June monthly swing high

Haresh Menghani FXStreet

• 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 30-mins chart

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

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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