USD/CAD 4H Chart: Triple Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare triple top pattern was formed by the USD/CAD currency pair. Pattern's emergence followed a three-month long development in the range between 1.24 and 1.2850. Last week, the pair neared the lowest valley between tops, but managed to bounce back and began trading upwards with renewed momentum. In case of success, the cross will be on its way to create rectangle pattern in the long-term. The major resistance, is at the moment represented by the monthly pivot point at 1.2643. Three in four SWFX market participants strongly assume the Greenback will breach this line and continue appreciating. However, technical studies are currently divided in views on pair's future perspectives.
© Dukascopy Bank SA
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