- USD/CAD's 4-hour chart shows the pair is trapped in a symmetrical triangle.
- The outlook would turn bullish if the triangle is breached to the higher side.
USD/CAD is currently trading in the red near 1.42, having found offers near 1.4260 an hour ago.
The pair is trading in a contracting triangle, popularly known as the symmetrical triangle, as seen on the 4-hour chart.
A break above the top end of the triangle at 1.4260, would confirm a breakout and open the doors to 1.4349 (triangle high) and 1.4382 (61.8% Fibonacci retracement of 1.4667/1.3921).
A triangle breakout would also confirm an upside break from the falling channel that has been in place since March 18.
Alternatively, a symmetrical triangle breakdown would imply a continuation of the decline from 1.4667 and may yield a sell-off toward 1.3921 (March 27 low).
|Today last price||1.4196|
|Today Daily Change||-0.0014|
|Today Daily Change %||-0.10|
|Today daily open||1.421|
|Previous Daily High||1.4225|
|Previous Daily Low||1.4094|
|Previous Weekly High||1.4349|
|Previous Weekly Low||1.3983|
|Previous Monthly High||1.4668|
|Previous Monthly Low||1.3315|
|Daily Fibonacci 38.2%||1.4175|
|Daily Fibonacci 61.8%||1.4144|
|Daily Pivot Point S1||1.4128|
|Daily Pivot Point S2||1.4046|
|Daily Pivot Point S3||1.3998|
|Daily Pivot Point R1||1.4259|
|Daily Pivot Point R2||1.4307|
|Daily Pivot Point R3||1.4389|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.