USD/CAD Price Analysis: Consolidating in a symmetrical triangle pattern


  • 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). 

4-hour chart

Trend: Neutral

Technical levels

USD/CAD

Overview
Today last price 1.4196
Today Daily Change -0.0014
Today Daily Change % -0.10
Today daily open 1.421
 
Trends
Daily SMA20 1.4123
Daily SMA50 1.3622
Daily SMA100 1.3385
Daily SMA200 1.3293
 
Levels
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

 

 

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