USD/CAD reveals triangle pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The recent high levels of the USD/CAD currency pair have revealed that there exists a resistance zone at 1.2530/1.2535. Meanwhile, Wednesday's and Thursday's low levels reveal an ascending support line. Both of these combined are revealing a triangle pattern.

In theory, the pair might trade between the support line and the resistance zone up to Monday. Afterwards, or before Monday, the building up pressure in the triangle is set to result in a break out.

A breaking of the 1.2530/1.2535 zone would leave the rate with no technical resistance as high as the weekly R1 simple pivot point at 1.2587. However, note that on Monday new weekly pivot points will be calculated. Above the pivot point, note the 1.2594 level, where the recent 115 pip spike of the rate stopped.

On the other hand, a decline of the rate is expected to first look for support in the 50-hour simple moving average and the 1.2500 level, before approaching the support line of the March low levels. Below the trend line, the pair might find support at 1.2467, 1.2450 and 1.2430.
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