USDCAD breaches the resistance – Analysis - 18-10-2018

The USDCAD pair traded with strong positivity to succeed breaching 1.3000 level and holding above it, which supports the continuation of our bullish overview efficiently in the upcoming period, which its next target located at 1.3128.

On the other hand, we notice that the price draws an inverted head and shoulders’ pattern that appears on the chart, which means that completing the pattern will open the way to achieve extended gains that reach 1.3382 on the near term basis, taking into consideration that the continuation of the bullish trend depends on the price stability above 1.3000 and the most important above 1.2923.

Expected trading range for today is between 1.2970 support and 1.3128 resistance.

Expected trend for today: Bullish