CAD/JPY 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
An ascending triangle usually indicates growing demand. However, the outlook for the Canadian Dollar is bearish, being that the pattern has been formed during a bearish market, namely at the end of the decline that has been observed since the beginning of January. Accordingly, CAD/JPY is expected to violate the up-trend at 95.23 and fall through the nearby weekly pivots. The sell-off is likely to extend to 91.76, where it is going to meet the Jan low. The currency pair may well slide even deeper, but it is going to encounter strong demand at 90.65, the minimum of 2014. On the other hand, should resistance at 95.41 give in, additional supply areas are at 95.87 and 96.74.
© Dukascopy Bank SA
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