USD/CAD 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
We hold a bullish bias towards USD/CAD. At the moment the pair is consolidating and at the same time forming a symmetrical triangle, implying that the US Dollar will soon resume its recent rally. Once the upper trend-line is breached, the first main target is going to be the August high and monthly R1 at 1.3350, followed by the weekly R3 at 1.3474, which is approximately 210 pips (height of the pattern) away from an expected break-out point. Alternatively, if the price slips beneath the rising support line at 1.3210, there will be a chance for the bulls to recuperate near a strong demand zone at 1.3176/1.3150, where the monthly PP merges with the weekly S1 and 200-period SMA.
© Dukascopy Bank SA
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