USD/CAD 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD was not able to reach the 1.10 mark, as it entered a consolidation phase slightly below the level. According to the technical studies, a break-out to the upside is more likely than a decline. If this happens then the pair should breach the major level at 1.10; however, we can see that the pair's bulls failed to do that yesterday (on August 25th). We expect the pair to approach the pattern's support around 1.0960 before forming an attack towards the upper trend-line at 1.0984. Our traders are neutral on the pair, as 51.18% of them expect the Greenback to outperform its Canadian counterpart.
© Dukascopy Bank SA
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