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The market is consolidating along 6/8 MM Level above the Super Trend Lines, which formed a 'Bullish Cross' at the end of July. 4/8 MM Level has acted as support, which pushed the price higher. Also, there's a pullback from 5/8 MM Level and the Daily Super Trend Line, which brings more evidence for the bullish outlook. Also, the price has fixated above the H4 Super Trend Line, so there's a green light for the market to climb even higher.
The next target is 7/8 MM Level, which could act as resistance. If the price goes through this level, we should watch 8/8 MM Level as the next target, which could be a starting point for a significant downward correction. However, if the price breaks the H4 Super Trend and fixates below this line, this scenario will be at risk. If this happens, we should wait for the market's return above 6/8 MM Level as confirmation that bulls are coming back. The Daily ST-Line is the key support for the outlook.
The bottom line is that USD/CAD is still bullish. The pair is likely going to reach 7/8 or even 8/8 MM Level, which could act as resistance and lead to a bearish correction towards 4/8 MM Level.
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