The USD/CAD pair risks printing fresh 2018 high above 1.3445, having witnessed a pennant breakout – a bullish continuation pattern – in the overnight trade.
4-hour chart
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- As seen above, the pennant breakout has opened the doors to 1.3680 (target as per the measured move method, that is, pole height added to breakout price).
- Notably, the bullish breakout is backed by a descending triangle breakout in the RSI. More importantly, the indicator is biased bullish at 63.00 and well short of overbought levels, meaning there is plenty scope for big gains above 1.3445, as signaled by the pennant setup.
- The bullish outlook would be invalidated below the ascending (bullish) 50-candle moving average (MA), currently at 1.3373.
Trend: Bullish
USD/CAD
Overview:
Today Last Price: 1.3416
Today Daily change: 9.0 pips
Today Daily change %: 0.0671%
Today Daily Open: 1.3407
Trends:
Previous Daily SMA20: 1.3309
Previous Daily SMA50: 1.3187
Previous Daily SMA100: 1.3101
Previous Daily SMA200: 1.3031
Levels:
Previous Daily High: 1.3422
Previous Daily Low: 1.3372
Previous Weekly High: 1.3424
Previous Weekly Low: 1.3292
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.3403
Previous Daily Fibonacci 61.8%: 1.3392
Previous Daily Pivot Point S1: 1.3379
Previous Daily Pivot Point S2: 1.335
Previous Daily Pivot Point S3: 1.3328
Previous Daily Pivot Point R1: 1.3429
Previous Daily Pivot Point R2: 1.3451
Previous Daily Pivot Point R3: 1.3479
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