USD/CAD - Ascending Triangle Breakout In Play - Forex News by FX Leaders

USD/CAD – Ascending Triangle Breakout In Play

Posted Monday, August 20, 2018 by
Arslan Butt • 1 min read

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!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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