Search ForexCrunch

   “¢   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