USD/CAD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After performing a sharp appreciation in the first days of spring, the U.S. Dollar started to lose ground against its Canadian counterpart. The weakness of the currency pair pushed the instrument into the bearish formation-93-bar long descending triangle pattern.
At the moment, USD/CAD is trading not far away from the apex that means the breakout is looming. Given that market players are bullish in 61% of cases we may expect the pair to reach the upper trend-line soon; however, the pair's ability to turn this advance into the bullish breakout remains questionable.
© Dukascopy Bank SA
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