USD/CAD forms a descending triangle pattern

The USD/CAD appreciated on Friday, rising above the weekly PP at 1.252. The cross seems to be forming a descending triangle pattern. If the cross manages to continue the bullish move, the next resistance level will be met at the weekly R1, 1.262. But first, the cross will have to test the trend line at 1.257. However, in case of a bearish move, the next support level is situated at the monthly PP at 1.287 together with the weekly S1 and 100% Fibonacci retracement.

The sentiment is still bullish with 71% of long positions among all traders. 40% of all hold the 50– pip pending orders long, while the 100– pip ones are bought by 29% of market participants.