Quoting our last commentary on this currency pair:
We noticed another move to the upside, which not only invalidated yesterday’s drop below the green line, but also the earlier breakdown below the lower border of the declining red trend channel. Both of these invalidations are bullish signs.
Additionally, the current position of the daily indicators suggests that further improvement is just around the corner.
The situation developed in line with the above scenario and USD/CAD managed to break above the upper border of the blue consolidation during yesterday’s session. Earlier today, the pair extended gains, making our long positions even more profitable.
As the buy signals continue to support the buyers, this observation of yesterday keeps being still valid:
Should this be the case and USD/CAD extends gains from here, the initial upside target will be the previously broken black line – that is the neck line of the head and shoulders formation.
We hope you enjoyed reading the above free analysis, and we encourage you to read today’s Forex Trading Alert – this analysis’ full version. There, we discuss also the current situation in EUR/USD and USD/CHF. The full Alert includes more details about our current positions and levels to watch before deciding to open any new ones or where to close existing ones. There’s no risk in subscribing right away, because there’s a 30-day money back guarantee for all our products, so we encourage you to subscribe today.
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Sunshine Profits – Effective Investments through Diligence and Care
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski’s, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
This article was originally posted on FX Empire
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