Technical analysis of USD/CAD 08/16/2019
USD/CAD formed a downward correction in the upward channel on the 4H time frame. The price found support in the area of the level of 1.3180 (50% Fibo), which coincides with (MA100) and the lower border of the rising channel on the 4H time frame. After which the pair resumed the upward movement in the channel.
At the moment, there is a possibility of further development of the upward trend within the channel with the target of 1.3430.
Cancellation of the growth option for the pair will be a decrease below 1.3130, which will indicate a breakdown of the lower boundary of the channel, level (61.8% Fibo), as well as (MA100 and MA200) and a possible trend change in the 4H time frame.
Created by Joshua Hayn