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Coleman: USDCAD looks set to go higher and here’s why

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Ian Coleman from First 4 Trading is looking to buy USDCAD. He says the pair is mirroring the USD index and that looks ready to go higher.

Looking at the USD index, Coleman says trading has been mixed and volatile and the uncertainty has formed an expanding wedge on the intraday chart. This pattern has an eventual bias to break higher, he adds.

The medium term focus for the USD is also bullish with the index in a large corrective channel pattern, according to Coleman.

Based on this, Coleman is looking to buy USDCAD on a mild dip this morning at 1.3240. His targets are 1.3305 and 1.3415 with a stop placed at 1.3210.