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USD/CAD - FALSE BREAK AND A DOUBLE BOTTOM TRIGGERED

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Dólar Americano/Dólar Canadense (FX:USDCAD)  
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FX:USDCAD   Dólar Americano/Dólar Canadense
usdcadlong Double Bottom neckline loonie Ascending Channel
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usdcadlong doublebottom neckline loonie ascendingchannel
USDCAD


After testing the the original breakout low at 1.3030 the rate turned around and rallied back inside the previously broken rising channel thus creating a small double bottom formation.

It has also broken the short term falling trendline resistance, therefore my immediate bias is now higher.

I will be waiting for a pullback towards the broken double bottom neckline at 1.3175 to confirm the channel support is holding once again to target a possible move towards the channel resistance around 1.3570.

A break back below the neckline would invalidate my immediate bullish bias, however, only a daily close below yesterday's lows would turn me bearish on the pair again.

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