Have the bulls been able to add to their gains even more?
These were our Friday’s observations:
(…) Yesterday brought us verification of the breakout above the declining purple trend channel, suggesting that higher values of USD/CAD are just around the corner.
Should we see the pair rise from here, the first target for the bulls will be the last week’s peak and then the 61.8% Fibonacci retracement (at around 1.3232).
The situation indeed developed in tune with the above, and USD/CAD overcame not only the late-Oct high, but also the 61.8% Fibonacci retracement, making our long positions even more profitable.
Despite the pair pulling back yesterday, the bulls managed to keep the price action above the previously broken retracements . This suggests that yesterday’s drop could be nothing more than verification of the earlier breakout.
Should it be the case, the way to the 50% Fibonacci retracement (based on the entire May-July decline) or even the upper border of the declining red trend channel may be open.
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Sunshine Profits – Effective Investments through Diligence and Care
This article was originally posted on FX Empire
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