The USD/CAD pair is currently trading at 1.3360, representing a 0.11 percent gain on the day, even though oil is bid at 2019 highs. As of writing, the West Texas Intermediate (WTI) oil is trading within a striking distance from the 2019 high of $65.97 hit yesterday. More importantly, the USD/CAD pair is still trapped in a narrowing price range or contracting triangle, as seen in the chart below. Daily chart Currently, the triangle resistance is seen at 1.3430, while the support is seen at 1.3304. A triangle breakout, if confirmed, could be followed by a sustained rally above 1.3467 (March 7 high). On the other hand, the lows near 1.31 seen in the second half of February could come into play if the narrowing price range is breached to the downside. The USD/CAD pair could breakout or breakdown from the trading range depending on what the Bank of Canada says later this week. The central bank is widely expected to maintain the status quo on policy rates and shift to a neutral stance from the hawkish bias. Trend: Neutral Pivot points FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US President Trump to visit UK in June – Sky News FX Street 4 years The USD/CAD pair is currently trading at 1.3360, representing a 0.11 percent gain on the day, even though oil is bid at 2019 highs. As of writing, the West Texas Intermediate (WTI) oil is trading within a striking distance from the 2019 high of $65.97 hit yesterday. More importantly, the USD/CAD pair is still trapped in a narrowing price range or contracting triangle, as seen in the chart below. Daily chart Currently, the triangle resistance is seen at 1.3430, while the support is seen at 1.3304. A triangle breakout, if confirmed, could be followed by a sustained rally above 1.3467… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
