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

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.

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