Triangle on USD/CAD

Triangle on USD/CAD

An interesting technical pattern has been developed on the USD/CAD currency pair. At the moment, quotes are consolidating. The key range is 1.33000-1.34000. A classic figure of technical analysis, Triangle, (D1 timeframe) has been formed in the trading instrument. We recommend paying attention to this situation.

A prolonged rally of oil quotes supports the demand for Loonie. If the price fixes below the round level of 1.33000, it is necessary to consider selling USD/CAD. The movement is tending to 1.32000-1.31250.

Alternative option. If the price fixes above the 1.34000 mark, the USD/CAD currency pair is expected to grow. The immediate goal for profit taking is the level of 1.34650. When tracking a position, we recommend using a trailing stop.

Confirmations and entry points to the market should be looked for on lower timeframes.

by JustForex 2019.04.22

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.

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