Tuesday, February 23, 2016

Possible descending triangle on the USD/CAD

As oil consolidates, the USD/CAD has also been going sideways and it has found some support around the 1.3700 level. On the daily chart we can see that the pair has been making lower highs and it stays below the 21 day exponential moving average. As the found support at the 1.3700 area, it formed what it appears to be a descending triangle. If the pair breaks to the downside, it may break below the 1.3600 and find some support around the 200 day exponential moving average at the 1.3414 level. To the upside, a breakout of the 21 day EMA may indicate a bullish change of trend.


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9 comments:

  1. UnknownFeb 24, 2016, 5:58:00 AM

    Well spotted! I'll keep an eye on it.

    ReplyDelete
  2. UnknownFeb 24, 2016, 11:02:00 AM

    Very nice tip I'll keep it in mind.

    ReplyDelete
  3. UnknownFeb 24, 2016, 1:45:00 PM

    I hadn't noticed that, thanks for pointing it out.

    ReplyDelete
  4. UnknownFeb 24, 2016, 2:15:00 PM

    Interesting analysis, thank you.

    ReplyDelete
  5. UnknownFeb 24, 2016, 2:36:00 PM

    The loonie found some recovery today as the focus was on the on the rebound in oil prices.

    ReplyDelete
  6. UnknownFeb 24, 2016, 7:23:00 PM

    Thanks for the analysis.

    ReplyDelete
  7. RozenFeb 26, 2016, 3:50:00 PM

    Interesting read, thank you.

    ReplyDelete
  8. UnknownFeb 28, 2016, 3:49:00 PM

    well spotted! thanks for sharing.

    ReplyDelete
  9. UnknownMar 6, 2016, 5:07:00 PM

    Great take on markets today.

    ReplyDelete

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