USD/CAD is pushing up against the upper borderline of a large symmetrical triangle price pattern, threatening to break out to the upside.
USD/CAD is attempting to break out of a triangle price pattern and push higher. A decisive breakout would reaffirm 2024’s uptrend and begin a new more bullish phase. USD/CAD Daily Chart A decisive breakout from the triangle would activate the initial upside target for the pattern at 1.3869, the 0.618 Fibonacci extrapolation of the height of the triangle from the breakout point higher.
31s to the current 1.37s. Given that “the trend is your friend” the odds favor a continuation of the bull trend. Since April USD/CAD has been trading sideways in a narrowing range like a triangle. This is a type of continuation pattern. The probabilities favor price breaking out to the upside in line with the prior trend. The pattern has also completed five internal waves which is the minimum requirement for a triangle. The breakout, when it happens, is likely to be quite volatile.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
USD/CAD Price Analysis: Consolidates around 1.3650 within a horizontal channelUSD/CAD retraces its recent losses, trading around 1.3670 during the early European hours on Friday.
Les mer »
USD/CAD Price Analysis: Recovers intraday losses as US Dollar rebounds with US NFP loomsThe USD/CAD pair bounces back from the day’s low of 1.3666 in Thursday’s London session.
Les mer »
USD/CAD Price Analysis: Maintains position above 1.3650 due to weakening bearish biasUSD/CAD treads water to continue its gains for the second consecutive session, trading around 1.3680 during the European hours on Wednesday.
Les mer »
USD/CAD Price Analysis: Rises toward 1.3700 despite a bearish biasUSD/CAD halts its three-day losing streak, trading around 1.3680 during the European hours on Tuesday.
Les mer »
USD/CAD Price Analysis: Strengthens after Descending Triangle breakoutThe USD/CAD pair extends its upside to 1.3730 in Thursday’s London session.
Les mer »
USD/CAD Price Analysis: Remains inside the woods in a thin trading-volume sessionThe USD/CAD pair trades in a narrow range near Friday’s low around 1.3650 in Monday’s European session.
Les mer »