USD/CAD Technical Analysis: Stronger corrective bounce likely

The USD/CAD pair is currently trading at 1.3148 - up 0.6 percent from the three-month low of 1.3068 hit on Feb. 1. 

That corrective bounce could be extended further toward 1.32 in the next day or two, as the hourly chart is reporting a major bullish reversal pattern. 

Hourly chart

  • The inverse head-and-shoulders breakout - a transition from the lower highs and lower lows to the higher highs and higher lows - seen in the above chart indicates a bearish-to-bullish trend change. 
  • The spot has also found acceptance above the trendline sloping downwards from the Jan. 24 and Jan. 29 highs. 
  • The pair, therefore, could extend the corrective bounce to the downward sloping 200-hour moving average (MA), currently at 1.389. 
  • A move below 1.3124 would invalidate the bullish setup. 

Trend: Bullish

USD/CAD

Overview:
    Today Last Price: 1.3148
    Today Daily change: 16 pips
    Today Daily change %: 0.12%
    Today Daily Open: 1.3132
Trends:
    Daily SMA20: 1.324
    Daily SMA50: 1.3368
    Daily SMA100: 1.3221
    Daily SMA200: 1.3132
Levels:
    Previous Daily High: 1.3154
    Previous Daily Low: 1.3101
    Previous Weekly High: 1.3287
    Previous Weekly Low: 1.3069
    Previous Monthly High: 1.3664
    Previous Monthly Low: 1.3118
    Daily Fibonacci 38.2%: 1.3133
    Daily Fibonacci 61.8%: 1.3121
    Daily Pivot Point S1: 1.3104
    Daily Pivot Point S2: 1.3076
    Daily Pivot Point S3: 1.3052
    Daily Pivot Point R1: 1.3157
    Daily Pivot Point R2: 1.3181
    Daily Pivot Point R3: 1.3209

 

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