USD/CAD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite approaching the upper boundary of the current triangle pattern, the US Dollar is unlikely to breach it with ease. As first, there is a number of strong resistance levels that will try to stop bulls from pushing the American currency higher. They include the weekly pivot point at 1.2523, as well as simple moving averages on different time-frames (55, 100 and 200-hour). Moreover, technical indicators are currently either neutral or bearish, meaning that they assume USD/CAD is still capable of developing inside pattern's boundaries in the foreseeable future. Nevertheless, market sentiment remains positive (70%) toward the Greenback against the Loonie.
© Dukascopy Bank SA
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