USDCAD was moving in the descending channel since the middle of June. At the end of August, the Cayman indicator has become strongly oversold. Then on the Daily chart appeared two reversal patterns in a row: “inversed hammer” and “bullish engulfing”. The next bullish wave after that has finished off the bearish trend. Our plan is buying on the current levels or after a correction to 1.31 support. The second option gives us an opportunity to put very short Stop Loss. Profit target for USDCAD currency pair is 1.33.
Please remember that today Bank of Canada will publish Interest Rate decision. Experts forecast that Rate will remain at the same value of 1.5%.
Bullish trend in Bitcoin is narrowing. It can mean that deep bearish correction comes soon. In this case, we will buy Bitcoin at crossing the lower channel border and 50% Fibo at $7150 and hold the coin to $8000 resistance at least.
So, our targets for:
USDCAD – 1.33
BTCUSD – $8000