USD/CAD 1H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
With directional risk containing an uncertainty factor, USD/CAD exited the symmetrical triangle to the upside in an otherwise widely ranging market. The pair added less than one percent above the upper trend-line with 100 and 200-hour SMAs weighing on it to possibly pressure a traditional retracement towards the 1.3114 area. A surge will then be stalled by 1.3154, a strong supply area and could open up the way to 1.3188 and 1.3230 respectively. We put a cap on the nearest movements at 1.3259, a level not conquered since March. An overall rally is backed by SWFX sentiment data as well, indicating a 6% net sentiment in the market which could pressure the slightly oversold pair to equilibrium.
© Dukascopy Bank SA
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