Loonie has been struggling with US dollar for the past weeks as both countries have shown a strong economy. Investing in these currencies will likely have profitable results with the right amount of information.
As shown on figure below, traders have invested under a bullish trend line for two years and at this moment price is touching support.
USD/CAD Daily chart
Investors were quite skeptical as price was touching support line claiming it could break through support followed by a bearish trend. However, the Fed rate hike managed to revert this possibility managing traders to respect support. Our key target is 1.377.
Head and Shoulders 30min