USD/CAD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in a narrowing wedge pattern against the Canadian Dollar, as it bounced off the upper pattern line at 1.3127 and started moving downwards. At the moment it is stuck between a cluster of supports at the daily PP at 1.3082, 200-day SMA of 1.3076, 55-day SMA at 1.3054 and the weekly pivot point with the 100-day SMA both at 1.3042. As it is breaking through them, it can be clearly observed as the currency pair will likely step by step make its way to the weekly pivot point and the 100-day SMA, from which it can bounce off. Technical indicators also forecast such movements, while in the one-hour time frame they predict a downward trend and an upward movement for the next four hours.
© Dukascopy Bank SA
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