Triangle on USD/CAD

Triangle on USD/CAD

At the moment, the bullish sentiment prevails on the USD/CAD currency pair. In the near future, the further growth of quotations is not excluded. A classical figure of the technical analysis, Triangle, (H1 timeframe) was formed in the trading instrument, which quite often acts as a continuation of the current trend. The local resistance is the level of 1.27850. We recommend paying attention to this figure.

If the price fixes above 1.27850, you need to look for entry points to open long positions. The closest target for profit taking is the resistance level of 1.28200. In the medium term, the USD/CAD currency pair may reach the level of 1.28500. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.11.20

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Monetary Policy Statement: What you need to know
Almost every month in the economic calendar, traders can see such events as the monetary policy meeting minutes. As a rule, during the publication of this protocol, the volatility increases sharply. Let's find out what this protocol is and whether it is possible to make money on it.
Read more
Forex Trade in Nigeria: Choosing the Right Timing for Successful Trading
The Nigerian economy is strong and blossoming, so it provides plenty of opportunities for earning, investing, and making more money. Forex trading is one of the ways to multiply your savings, but there are many factors that impact the outcome of your trading. Along with choosing the right currency pair, you need to carefully calculate when to trade (and when not to trade). This article will help you keep track of the best trading periods by the Nigerian time and how to decide when to enter the trades and when to refrain from them.
Read more