Optimistic sounds from Russia-Ukraine talks helps mood
We can notice an inverted head and shoulders and prices managed to break the neckline,
As we notice on daily chart, there is a head and shoulders forming, exceeding 1.26 would give us a buy signal targeting 1.28 then 1.2950. The pattern would be failed with breaking the support at 1.2430.
the pair currently in a downtrend, and we expect that prices to test levels of 1.2365/1.2450 before decline again targeting support levels of 1.2230 then 1.2060.
A double top pattern is formed and confirmed by breaking the neck line at 1.2650 targeting 1.2533.
The signal to enter buying USDCAD has confirmed after prices managed to break the neck line of double bottom pattern, so it would be targeting 1.2740. current support would be at 1.2630 then 1.2580.
As we mentioned yesterday about double bottom forming on 4 hours frame, after prices overcoming the neck line, we expect the pair to target 1.2740. support level would be at 1.2565 then 1.2530.
We can notice forming a double bottom on prices, besides the positive divergence on RSI, exceeding the barrier of 1.2575 would send prices higher to reach target of the pattern at 1.2740. current support would be at 1.2511 and 1.2415.
As we expected the pair reached its targets we mentioned before, we expect the pair to test 1.2485, and if it succeeded to exceed it we would see prices reach again to 1.2530. current support would be at 1.2450/10.
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