USD/CAD – Ascending Triangle Breakout In Play

During the previous week, the USD/CAD continued to trade below a strong resistance level of $1.3170. The commodity currency Loonie gained support after better than expected CPI figures from Canada. Thereby, the USD/CAD violated the ascending triangle pattern on the lower side, breaking the trendline support level of $1.3095.

USD/CAD – 2 Hour Chart

The $1.3095 level is also important because two different moving averages (100 periods) are showing crossover. Bearish breakout of $1.3050 can lead the pair towards $1.3005.

USD/CAD – Key Trading Levels

Support    Resistance
1.3056         1.3068
1.3053         1.3071
1.3047         1.3077
Key Trading Level: 1.3062

USD/CAD – Trading Plan

Fellows, I will be keeping a close eye on $1.3060 as the USD/CAD can stay bearish below it until $1.3005. Good luck!