CAD/JPY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following the labour market data in Canada, the local currency surged sharply and even was able to confirm the triangle pattern in its cross with the Japanese yen. Statistically, break-outs from such a pattern happen upwards in 70% of the time, meaning that the pair has a high chance to continue moving to the north. The next resistance is located at 101.84 (daily R2); however, the weekly R1 at 102.10 is likely to pose more threats to the currency pair's advance. According to technical studies, we can observe a sort of consolidation the medium-term, but, in general, indicators tend to send mixed signals. Traders, in turn, hold short positions in the majority of all cases at the moment (53%).
© Dukascopy Bank SA
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