USD/CAD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early January the U.S. Dollar has been rallying against its Canadian peer and on January 22 the pair embarked on a formation of an ascending triangle pattern.
The upper boundary of the pattern that lies at the five-year high of 1.1175 failed to contain the advance of USD/CAD that recently has surpassed this formidable resistance, suggesting that that an accelerating appreciation lies ahead. However, traders remain sceptical about continuation of the rally, with 60.61% of them being bearish on the pair. Meanwhile, technical indicators gainsay traders' opinion, sending bullish signals for the medium-term.
© Dukascopy Bank SA
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