Technical analysis of USD/CAD for August 31, 2015

Technical outlook and chart setups:

The USD/CAD pair seems to be continuing its uptrend for now/ It is potentially in its last leg, towards the levels around 1.3630 before reversing. Immediate support is seen at 1.2960 followed by 1.2850, 1.2100, and lower, while resistance is seen at 1.34 followed by 1.3630 and higher respectively. It is recommended to hold long positions taken earlier, but refrain from taking fresh positions now. A pin bar candlestick pattern has also appeared on the weekly chart, which indicates that a turn might take plase soon.

Trading recommendations:

Remain long, stop at 1.2900, a target 1.3630.

Good luck!

The material has been provided by InstaForex Company –