USD/CAD Technical Analysis: Focus on the diamond pattern seen on 4H
|The USD/CAD market has created back-to-back doji candle on the daily chart, signaling indecision near 1.33.
A close below 1.3289 (the low of the doji candle) would signal a resumption of the sell-off from the recent highs above 1.3460. Further, the probability of the spot finding acceptance under 1.3289 would rise if the diamond pattern seen in the 4-hour chart is breached to the downside.
On the other hand, the odds of the pair revisiting 1.34 would strengthen if the diamond pattern is breached to the higher side.
As of writing, the spot is trading at 1.330 with diamond resistance and support, currently at 1.3363 and 1.3313, respectively.
4-hour chart
Daily chart
Trend: Bearish below 1.3289
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