USD/CAD 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD managed to stop its plunge from the highest level since 2009 of 1.1279 in the first days of April and shortly after that the instrument commenced formation of an ascending triangle.
Having approached the apex, the pair exited the bullish pattern but the breakout did not lead to either a jump or a decline since the pair is trapped by the pattern's resistance at 1.1043 and the 50-hour SMA at 1.1022 that restrict the pair's moves. In the hours to come, the pair may remain steady given the SWFX sentiment showing that proportions of long and short positions are almost equal.
© Dukascopy Bank SA
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