“¢ 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
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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
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