The price line is getting ready for a significant pump
After several bounces between the top and the bottom line of the ascending triangle, which is indicated with two red lines, the price line is now issuing bullish signals; as it had been through a failed break, below the bottom line and could completely recover from that. RSI and MACD are also confirming the potential to ascend on USD/CAD price line.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
At the middle of November, the price line on the USDCAD price chart has been moving inside of an ascending triangle; since that time, a static resistance level has emerged and been confirmed above the price line. A red line depicts this area of resistance. Additionally, a dynamic support level below the price line was created; this level is represented by an ascending red line below the price line. Cloud Ichimoku I support the price as well, and the RSI is currently in an ascending trend. Buyers can anticipate that the price line will cross above the area of static resistance, at which point they can initiate long positions. The target for the bulls can be set on 1.38000 and 1.38777 after that
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.