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USD/CAD Pulls Back Towards Neckline Support

Written by | 1970-01-01 00:00:00 GMT

The below is the daily chart of the USDCAD. The loonie has charted an inverse head and shoulders pattern, which is generally regarded as a bullish pattern. We note that the currency pair is now pulling back towards neckline support. As such, we are assessing if buyers will be motivated back into the market at these levels. If so, we may see a price appreciation soon. The RSI(9) is above 50 and indicative of an underlying bullish momentum (blue rectangle). As long as the indicator remains on its bullish side it will give weight to this scenario. We continue to monitor.

USDCAD

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