Daily Forex Update: USD/CAD
By: Dima Chernovolov
USD/CAD continues to rise after the earlier breakout of the Inverse Head and Shoulders chart pattern which was earlier identified by Autochartist on the hourly charts. Autochartist rates the Quality of this chart pattern at the 5 bar level – which reflects the low Initial Trend (2 bars), above-average Uniformity (6 bars) and average Clarity (5 bars). USD/CAD is expected to rise to the forecast price 1.3400 in the nearest time.
As can be seen from the daily USD/CAD chart below, the bottom of this Inverse Head and Shoulders chart pattern (its “head”) formed when the pair reversed up sharply from the strong support level 1.3290 (former resistance level which reversed the pair at the start of October and in March, acting as support now after it was broken recently). The proximity of this support level adds to the probability USD/CAD will continue to rise toward the forecast price 1.3400.
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