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Triangle on USD/CAD

Triangle on USD/CAD

An interesting technical pattern has been developed on the USD/CAD currency pair. At the moment, the quotes are consolidating after a prolonged growth. The key range is 1.33300-1.34000. The classic instrument of the technical analysis, Triangle, (H4 timeframe) has been formed in the trading instrument. We recommend paying attention to this situation.

If the price fixes above 1.34000, you should consider buying USD/CAD. The immediate goal for profit taking is the local resistance of 1.34400. The movement is tending to the round level of 1.35000. When tracking a position, we recommend using a trailing stop.

Alternative option. The Triangle figure often acts as a reversal formation. If the price fixes below 1.33300, a correction in the USD/CAD currency pair is expected. The target level of movement is 1.32600-1.32400.

by JustMarkets 2018.12.17

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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