Bullish rally in USD/CAD about to begin

USD/CAD hasn’t fixated below 3/8 Murray Math Level and broken Super Trend Line, that’s why the bullish outlook is on the table. However, 4/8 MM Level has acted as resistance, which stopped bulls and led to the current consolidation. Thus, the pair is likely to test Super Trend Line, which could be a starting point for an upward price movement.

It’s essential that the market should break and fixate above 4/8 MM Level to confirm this scenario. If this happens, there’ll be an open door for bulls to achieve 5/8 MM Level, which is a key for the next pair perspective. This level could lead to a local bearish correction. However, if the price goes through it little later on, there’ll be a significant bullish opportunity to develop a rally in the direction of 7/8 MM Level.

The bottom line is that USD/CAD is getting bullish. We should watch the current consolidation between 4/8 MM Level and Super Trend Line. If there’s a pullback from ST Line, we should be ready for a bullish price movement towards 5/8 MM Level. Additionally, we should keep in mind an option to have the market even higher if this level doesn’t stop bulls.

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

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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