USDCAD hits the first target – Analysis - 22-10-2018

The USDCAD pair succeeded to achieve our first waited target at 1.3128 and settles there now, waiting to breach this level to confirm extending the bullish wave on the short term basis, affected by the previously completed inverted head and shoulders’ pattern, which has positive targets that reach 1.3382 on the near term basis.

Therefore, our bullish overview will remain active in the upcoming period supported by the EMA50, unless breaking 1.3060 – 1.3020 levels and holding below them.

Expected trading range for today is between 1.3020 support and 1.3170 resistance.

Expected trend for today: Bullish