USD/CAD: On The Move

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

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