USD/CAD – Ascending Triangle Breakout In Play

The commodity currency Loonie gained support after better than expected CPI figures from Canada. Thereby, the USD/CAD violated the...


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!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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