Ascending triangle on USD/CAD

Divergence on USD/CAD

Since the beginning of the current week, the correction has been observed on USD/CAD. Today, the classical figure of the technical analysis, Ascending Triangle (M30 timeframe), was formed. At the moment, the price has fixed above the upper limit of the formation, which indicates the development of the bullish sentiment.

We recommend considering buying if the USD/CAD quotes overcome the round level of 1.33000. The closest target for profit taking is the 1.33400 mark. While tracking a position, one should use a trailing stop.

View trading ideas by the Price Action method.

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.