Weekly Technical Analysis Report 11 Aug – Bullish outlook on USDCAD
Weekly Technical Analysis Report 11 Aug – Bullish outlook on USDCAD
1. This week’s outlook on USDCAD: Bullish outlook seen
On the H4 timeframe, there is bullish order flow, with higher lows and higher highs created. A throwback to support zone at 1.3380, which is in line with the 61.8% Fibonacci retracement level, could provide bullish acceleration towards the resistance zone at 1.3580, which coincides with the 141.4% Fibonacci extension level. Price is currently hovering above ichimoku cloud, supporting our bullish bias. Last high of 1.350 on 8 August caused the pullback as an intermediate resistance, and we can start trailing or shifting to breakeven once prices reaches or pushes past this level.
Bullish Outlook on USDCAD – 11 Aug by Salzworth on TradingView.com