Descending Triangle on USD/CAD

Descending Triangle on USD/CAD

The USD/CAD currency pair continues to show negative dynamics. We do not exclude the further drop in quotes. A classic figure of the technical analysis, Descending Triangle, (M15 timeframe) was formed in the trading instrument, which quite often acts as a continuation of the current trend. The price is testing the local support of 1.24400. We recommend you to pay attention to this situation.

If the price fixes below 1.24400, you need to look for entry points to the market to open short positions. The movement is tending to the round level of 1.24000. In the medium term, USD/CAD may reach 1.23500. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.01.15

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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