{"id":147171,"date":"2019-05-07T07:45:43","date_gmt":"2019-05-07T11:45:43","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=147171"},"modified":"2019-05-07T07:00:52","modified_gmt":"2019-05-07T11:00:52","slug":"usdcad-textbook-upswing","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/05\/usdcad-textbook-upswing\/","title":{"rendered":"USDCAD: textbook upswing"},"content":{"rendered":"<div id=\"inves-1625635076\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">May 7, 2019<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Tomasz Wi\u015bniewski, <a href=\"https:\/\/alpari.com\/\">Chief analyst at Alpari Research &amp; Analysis<\/a><\/strong><\/p>\n<div class=\"-cms-content analytics-reviews-category-review-article__review\">\n<div>\n<p>After scanning all instruments available on our platform, there is one where the technical situation looks the most promising. This instrument is the USDCAD, where buyers have a huge chance of success. It doesn\u2019t look bad from a fundamental point of view either. The current risk off mode favours buyers, so in this case, both dominant ways of analysing the market are positive.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/storage\/inline-images\/USDCAD_iDaily-06-5-19.png\" alt=\"USDCAD D1\" data-entity-type=\"file\" data-entity-uuid=\"cffa022b-db10-48cc-b6e0-863090b745e3\" \/>For USDCAD, it all started in February when the pair bounced from the long-term upwards trend line (black) using the inverse head and shoulders pattern (red neckline). After this formation, we went higher and created a symmetrical triangle formation (green line). The triangle also resulted in a rise, giving us a buy signal. Most recently, the upper line of the triangle was tested as a support, giving us another bounce, and in other words &#8211; bullish confirmation.<\/p>\n<p>To sum up, trend is bullish and two recent technical formations were bullish too. There\u2019s currently no sign of a reversal, so objectively, we have a higher chance of an upswing than we do for a drop. The long-term buy signal is present here as long as the price is above the black line. Only USDCAD closing the day below this long-term upwards trend line will be an invitation to go short.<\/p>\n<p>Source: <a href=\"https:\/\/alpari.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Alpari<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Tomasz Wi\u015bniewski, Chief analyst at Alpari Research &amp; Analysis After scanning all instruments available on our platform, there is one where the technical situation looks the most promising. This instrument is the USDCAD, where buyers have a huge chance of success. It doesn\u2019t look bad from a fundamental point of view either. The current [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-147171","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=147171"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147171\/revisions"}],"predecessor-version":[{"id":147173,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147171\/revisions\/147173"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=147171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=147171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=147171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}