USD/CAD: bullish 'Hammer' pattern

USD/CAD: bullish 'Hammer' pattern

Information is not investment advice

There's a local bullish 'Hammer', which has been formed right after a 'Three Methods' pattern. Also, the market fixated above the Moving Averages. So, it's likely that the pair is going to test the nearest resistance at 1.3391. However, if a pullback from this level happens little later on, bears will probably try to achieve the 89 Moving Average, which could be a departure point for another upward price movement.

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Levels for trading USD/CAD

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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