In the 12 – 13 July weekend review article, we discussed a key pattern formation which called the bottom in the USDCAD. Since then this currency pair has risen over 350 pips. In the 25 July 2014 article, we discussed some more key levels for this currency pair.
USDCAD has risen since, now we take a look at short term daily chart and the longer term weekly chart to take a stock of things. Looking at the daily chart, we are heading into key resistance leve at the 1.0995 – 1.1025 region.
USDCAD Daily chart:
Taking a look at the longer term weekly chart, we can see the momentum is pretty strong. This is further supported by the weekly USDCAD HeikenAshi (Japanese average candlestick) chart. However, the key resistance levels as discussed above are approaching.
USDCAD Weekly chart:
Looking at the USDCAD HeikenAshi chart, it can be seen that for the last week, the candles are green in colour and do not have a lower wick, indicating strong trend continuing. However, as discussed earlier in the article, key resistance level are approaching.
USDCAD HeikenAshi Weekly chart: