# USD/CAD Double Bottom Formation (July 18, 2013) Source: https://www.tradersway.com/resources/market-info/usd-cad-double-bottom-formation-july-18-2013/ Language: en Updated: 2013-07-18 Description: Explore USD/CAD Double Bottom Formation (July 18, 2013). USD/CAD. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. USD/CAD seems ready to bounce back from its recent selloffs, as the pair formed a reversal pattern on its 1-hour time frame. Recall that USD/CAD is already finding support at a retracement level and former resistance around 1.0375. The pair made a couple of attempts to break below this barrier recently but failed. With that, a double bottom has formed with support at the 1.0350-1.0375 area and a neckline near 1.0450. A breakout above the neckline would confirm that the short-term downtrend is over and that a rally might take place. ![USD/CAD Double Bottom Formation (July 18, 2013)] The pattern is around 100 pips tall so the breakout could go as high as 1.0550. Aiming for this level with a stop below 1.0400 would yield a 2:1 trade. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/usd-cad-double-bottom-formation-july-18-2013/#primary", "url": "https://www.tradersway.com/resources/market-info/usd-cad-double-bottom-formation-july-18-2013/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/usd-cad-double-bottom-formation-july-18-2013/", "headline": "USD/CAD Double Bottom Formation (July 18, 2013)", "inLanguage": "en", "datePublished": "2013-07-18T10:11:24+00:00", "dateModified": "2013-07-18T10:11:24+00:00", "articleSection": "Market Info", "description": "Explore USD/CAD Double Bottom Formation (July 18, 2013). USD/CAD. 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