USDCAD Failed Breakdown
Structure: Sideway (1.31 - 1.3180)
Moving Average: 15 EMA Crosses 50 MA, 200 MA at Resistance Level
Trendline: Breakout of Downtrend Line
Pattern: Head & Shoulder in Lower Timeframe
Trigger: Failed Breakdown at 1.31 level, Bullish Candles regain power
Support: 1.31 - 1.3120
Resistance: 1.32, 1.3260
Bearish momentum went out of steam at 1.31, trend changed from downtrend to sideway, with a uptrend turnaround expectation.
Oil price is likely to weaken, fundamentally support CAD weakness.
Potential long around 1.3120 - 1.3140
SL: 1.3090
1st Target: 1.32
2nd Target: 1.3260
Moving Average: 15 EMA Crosses 50 MA, 200 MA at Resistance Level
Trendline: Breakout of Downtrend Line
Pattern: Head & Shoulder in Lower Timeframe
Trigger: Failed Breakdown at 1.31 level, Bullish Candles regain power
Support: 1.31 - 1.3120
Resistance: 1.32, 1.3260
Bearish momentum went out of steam at 1.31, trend changed from downtrend to sideway, with a uptrend turnaround expectation.
Oil price is likely to weaken, fundamentally support CAD weakness.
Potential long around 1.3120 - 1.3140
SL: 1.3090
1st Target: 1.32
2nd Target: 1.3260
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