USD/CAD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/CAD currency pair has just reached the point inside the triangle pattern, where it should decide, in which direction to develop next. For the time being it is testing the lower trend-line of the figure, which is also strengthened by the weekly pivot point at 1.1363. It is possible that the break-out will happen to the south; however, we would rather assume the opposite scenario due to mentioned strong demand area, which may not let the pair to do that. In addition, the vast majority of market participants, namely 70% of them, forecast the US dollar's appreciation versus the Loonie. At the same time, technical indicators are sending neutral signals of all time-frames.
© Dukascopy Bank SA
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