Ascending Triangle on USD/CAD

Ascending Triangle on USD/CAD

There is an ambiguous technical pattern on the USD/CAD currency pair. At the moment, the quotes are in a sideways trend. The key range is 1.29500-1.30350. A classical figure of the technical analysis, Ascending Triangle, has been formed in the trading instrument (H4 timeframe). We recommend you to pay attention to this situation.

If the price fixes above the key resistance of 1.30350, it is necessary to consider buying USD/CAD. The movement is tending to the round level of 1.31000. When tracking the position, we recommend using a trailing stop.

Alternative option. Ascending Triangle quite often acts as a reversal formation. If the price fixes below 1.29500, the USD/CAD quotes are expected to fall. The immediate goal for profit taking is the round level of 1.29000. The movement is tendung to 1.28500-1.28250.

by JustForex, 2018.06.14

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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