A Bullish CAD?

Just a quick post on USDCAD.

(Click on image for larger view)

The Daily chart above shows that the pair is testing an old Price level at 0.99. There is also confluence with an upward channel.

(Click on image for larger view)

Moving to a smaller timeframe and as I write, it looks possible that price may be forming an inverse Head & Shoulder pattern. With that, I need a nice break above and pullback for a re-test of the 0.995 level neckline (see Green line). Until that happens, there’s is not valid setup.

Note:

  1. I will be quite careful here as US Dollar is quite bearish at the moment. However, I don’t know the future, hence, I’m going to keep it simple and just trade what I see.
  2. BOC Rate Statement at 2pm GMT

 

Thank you and have a nice day!

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