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Forex technical analysis: USDCAD break outside box

Discussion in 'Technical Analysis' started by ForexLive, Oct 5, 2015.

  1. ForexLive

    ForexLive Forum Member

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    Finds shorter term buyers. Slows the trend. The USDCAD has trended lower into the London session, accelerating the trend to the downside in the process. Looking at the 5 minute chart below, the price fell below lower trend line support, stops was triggered and a new low at 1.3063 was reached. Since bottoming, however, the pair has moved back above the broken trend line and has moved toward the 100 bar MA (blue line), retracement levels and topside channel trend line.

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