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Ichimoku indicator analysis of USD/CAD for June 2, 2017

Posted On 02 Jun 2017
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The USD/CAD pair has made an important low at 1.3385 area and a clear reversal. Trend is bullish. Price is making higher highs and higher lows. I expect to see 1.36 even today and higher towards 1.39 over the coming weeks.

Blue line – broken resistance TL

The USDCAD has broken above the trend line and Kumo resistance. Short-term resistance is now at 1.3540 where a previous high is found and next at 1.3630. Support is at 1.35 and next at 1.3475.

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Red lines – bullish channel

The USD/CAD pair is holding above the daily Kumo and is reversing off the 61.8% Fibonacci retracement of the latest rise. Bouncing off this support area is a very important bullish sign that cements my view for a move towards 1.39-1.40 in June.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ichimoku indicator analysis of USD/CAD for June 2, 2017

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