Triple Top on USD/CAD

Triple Top on USD/CAD

The current technical pattern signals a possible correction of the USD/CAD currency pair after a rather continuous growth. In a trading instrument, the classic reversal pattern of Triple Top has been formed (H1 timeframe). At the moment, the USD/CAD quotes are testing the local support level of 1.32850. We recommend paying attention to this situation.

If the price fixes below 1.32850, it is necessary to look for entry points to the market to open short positions. The closest target for profit taking is the support level of 1.32450. The movement is tending to 1.32150-1.30900. When following a position, we recommend using a trailing stop.

by JustForex 2019.08.21

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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