USD/CAD Technical Analysis: Forms a symmetrical triangle (bullish continuation pattern) on hourly chart

Haresh Menghani FXStreet

• The pair has been oscillating between two converging trend-lines, forming a symmetrical triangle on the 1-hourly chart just below six-week tops set last Friday.

• Given that the pair has held above important intraday moving averages - 100 & 200-hour SMAs, the triangle could be categorized as a continuation pattern.

• Moreover, technical indicators on the mentioned chart are yet to gather negative momentum and further add credence to the bullish set-up/positive outlook.

• However, a convincing break through the triangle support, currently near the 1.3100 handle, will invalidate the outlook and prompt some aggressive long-unwinding trade.

USD/CAD 1-hourly chart

USD/CAD

Overview:
    Last Price: 1.3126
    Daily change: 16 pips
    Daily change: 0.122%
    Daily Open: 1.311
Trends:
    Daily SMA20: 1.3028
    Daily SMA50: 1.3014
    Daily SMA100: 1.3075
    Daily SMA200: 1.2916
Levels:
    Daily High: 1.315
    Daily Low: 1.31
    Weekly High: 1.316
    Weekly Low: 1.2968
    Monthly High: 1.3228
    Monthly Low: 1.2882
    Daily Fibonacci 38.2%: 1.3119
    Daily Fibonacci 61.8%: 1.3131
    Daily Pivot Point S1: 1.309
    Daily Pivot Point S2: 1.3071
    Daily Pivot Point S3: 1.3041
    Daily Pivot Point R1: 1.3139
    Daily Pivot Point R2: 1.3169
    Daily Pivot Point R3: 1.3188

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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