By Admiral Markets
The USD/CAD has formed a daily bullish hammer as we can see on our mini chart and it is in alignment with historical buyers a support. It suggests a bullish continuation. Currently the market is waiting for important CAD and USD GDP news so we need to pay attention to charts.
POC (50.0,EMA 89, steep trend line) stands within 1.3145-55 zone and if the zone holds we might see 1.3180 an 1.3203 (H4 CAM). If 1.3203 breaks 1.3250 is next target. However if we see a drop below 1.3145 on positive CAD and negative USD news the pair could drop below 1.3140 targeting 1.3100.
The pair is technically bullish so if we see good USD / bad CAD data, then the pair will be in both technical and fundamental alignment and long on dips (breakout) is the option.
Follow @TarantulaFX on twitter for latest market updates
Article by Admiral Markets
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Source: USD/CAD Daily bullish hammer but watch the news
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
