USD/CAD 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD is ready to break out of the pattern. However, the signals are conflicting. The pattern itself indicates that the demand is building up. On the other hand, for a few days before the ascending triangle the market was bearish, and the price is below the long-term SMA. At the same time, the technical studies are mixed.
If the rate closes above 1.2333, the initial target will be the 200-hour SMA at 1.2386, where it merges with the daily R2, and there will be a real chance of a surge up to 1.2463 (weekly R1). As for the break-out to the downside, the main target will be the Jun 10 low at 1.22, but there are likely to be short-term corrections at the pivot points.
© Dukascopy Bank SA
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