USD/CAD 1H Chart: Ascending Triangle

Just as in EUR/NZD, trading range of USD/CAD has also been narrowing since Jun 14, leading to formation of a triangle, but in this case of an ascending one due to a tough resistance line at 1.0554, although we should mention formidability of the up-trend support line here as well. Talking about the break-out from the pattern, the risks are heavily skewed towards a rally above 1.0554, given that technical indicators on all relevant time-frames are giving ‘buy' signals. Moreover, SWFX traders' sentiment towards the pair is strongly bullish—71% of positions are long the U.S. Dollar.