FX.co ★ USDCAD continues sideways

USDCAD has made no real progress since our last analysis was posted. Price continues to move sideways in a bullish flag pattern. If price breaks above 1.31-1.3085 we should expect Gold price to reach $1,575 or higher.

Green lines - bullish flag

Red lines - expected targets

USDCAD is moving sideways below the 38% Fibonacci retracement. If resistance at 1.31 fails to hold I expect 61.8% Fibonacci retracement. USDCAD is forming higher lows and if we see a break above 1.3105 then we will be more confident of reaching 1.3180. Support remains at 1.3030. Soon I believe price will exit the consolidation and start a new move.