USD/CAD 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although USD/CAD has formed a descending triangle, which usually portends a decline, the risks are skewed to the upside. The reason to be bullish on the pair is the solid demand area at 1.3662/34, created by the most recent lows, monthly S1, and the 10-month up-trend. Accordingly, the price is likely to bounce back to the long-term moving average and February 11 high at 1.4040/16. The next target will be already 1.4690, namely the highest level since January. At the same time, if we see a close under 1.3662/34, this will not immediately invalidate the positive outlook. The bulls will have a good chance to recuperate at 1.32, where we have the 20-month up-trend.
© Dukascopy Bank SA
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