USD/CAD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Just as in EUR/NZD, trading range of USD/CAD has also been narrowing since Jun 14, leading to formation of a triangle, but in this case of an ascending one due to a tough resistance line at 1.0554, although we should mention formidability of the up-trend support line here as well. Talking about the break-out from the pattern, the risks are heavily skewed towards a rally above 1.0554, given that technical indicators on all relevant time-frames are giving ‘buy' signals. Moreover, SWFX traders' sentiment towards the pair is strongly bullish—71% of positions are long the U.S. Dollar.

© Dukascopy Bank SA
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Wed, 03 Jul 2013 08:20:38 GMT

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