empty
 
 
10.03.2021 11:31 AM
USD/CAD Continuation Pattern Grows!

USD/CAD downside seems limited after failing to reach new lows or to approach at least the 1.2575 former low. The pair moves sideways in the short term developing a symmetrical triangle.

Technically, the pair was expected to increase as the USDX has registered a new higher high confirming a bullish reversal. Still, it seems that the buyers need a bullish spark before going long on USD/CAD.

Today, the US CPI, Core CPI, and the Canadian BOC Rate Statement could shake the pair. The high-impact data may bring high volatility and could also bring a clear direction on USD/CAD.

USD/CAD Upside In Cards!

This image is no longer relevant

USD/CAD failed to reach the S1 (1.2571) and now is traded back above the Pivot Point (1.2654) level. The price action prints a symmetrical triangle on the H4 chart, an upside breakout could really signal a bullish reversal.

Escaping from this pattern brings a great trading opportunity, a long or a short one. Technically, USD/CAD was expected to increase further after getting out from a former Falling Wedge pattern and from the descending pitchfork's body.

Trading Tips!

USD/CAD should develop an important swing higher if it makes a valid breakout above the R1 (1.2733) static resistance. So, an upside breakout from the symmetrical triangle validates a bullish reversal.

Such a breakout signals an increase at least till the R3 (1.2895) level. You should be careful because anything could happen after today's US and Canadian data. Poor US figures could force the pair to register a downside breakout which signals a further drop.

Dapatkan keuntungan dari perubahan nilai mata uang kripto dengan InstaForex.
Unduh MetaTrader 4 dan buka perdagangan pertama Anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    GABUNG KONTES
  • Chancy Deposit
    Isi akun Anda sebesar $3000 dan dapatkan $1000 lebih banyak!
    Pada April kami mengundi $1000 dalam promo Chancy Deposit!
    Dapatkan kesempatan untuk menang dengan melakukan deposit sebesar $3000 pada akun trading Anda. Setelah memenuhi persyaratan ini, Anda telah menjadi partisipan promo.
    GABUNG KONTES
  • Trade Wise, Win Device
    Top up akun anda dengan dana minimal $500, daftar kontes, dan dapatkan peluang untuk memenangkan perangkat seluler.
    GABUNG KONTES
  • 100% Bonus
    Kesempatan langka untuk mendapatkan bonus 100% pada deposit anda
    DAPATKAN BONUS
  • 55% Bonus
    Ajukan bonus 55% pada setiap deposit anda
    DAPATKAN BONUS
  • 30% Bonus
    Raih bonus 30% setiap kali anda top up
    DAPATKAN BONUS

Artikel yang direkomendasikan

Tidak bisa bicara sekarang?
Tanyakan pertanyaan anda lewat chat.
Widget callback