Recently, USD/CAD has been trading upwards. The price tested the level of 1.3168. According to the H4 time – frame, I found a broken downward trendline in the background, which is a sign that selling looks very risky. I also found a broken intraday bullish flag pattern, which is another sign of strength. My advice is to watch for potential buying opportuntiies. The upward target is set at the price of 1.3221.
Resistance levels: R1: 1.3160 R2: 1.3175 R3: 1.3200
Support levels: S1: 1.3115 S2: 1.3085 S3: 1.3070
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com