USD/CAD: Trade ideas for August 19
The USDCAD has made a rebound near to the support level of 1.0878, because that pair is trying to climb up to the resistance level of 1.0895, which is located above the 500 EMA in the H1 chart.
If the USDCAD manages to make a breakout at the resistance level of 1.0918, it's expected that to rise to the level of 1.0947, what would be a strong bullish consolidation, since the pair remains above the GANN line.
However, our bullish outlook could override if this pair make a breakout to the support level of 1.0859. The CCI indicator this entering the zone of the 100 level.
Trading recommendations: Place buy orders if the USDCAD does a breakout at the resistance level of 1.0918, with take profit at 1.0947.