Daily Forex Update: USD/CAD
By: Dima Chernovolov
USD/CAD continues to rise inside the daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), medium Uniformity (5 bars) and strong Clarity (8 bars). USD/CAD is expected to rise further inside this Up Channel – in line with the earlier breakout of the key resistance level shown below.
As can be seen from the daily USD/CAD chart below, the price today broke through the key resistance level 1.3300 (which topped the previously in July and also earlier this month). This price level is acting as a strong support after it was broken. The proximity of this support level and the strength of the active daily impulse wave increase the probability USD/CAD will continue to rise inside this Up Channel.
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