The USD/CAD
continues oscillating around the 1.2900 level without taking a clear direction
and it has formed what it appears to be a symmetrical triangle. The current
formation may act as a resting point for the price to continue going higher,
but first it would have to break above the 55 day EMA and above the 1.3000
level. If such a breakout happens, then the price may try to reach the 200 day
EMA, around the 1.3200 level. To the downside, the pair would have to break
below the 1.2800 level to consider a bearish breakdown. Below the 1.2800 level,
any of the round number levels to the 1.2500 level may act as support.
Well spotted! I'll keep it in mind.
ReplyDeleteThank you for pointing this out!
ReplyDeleteThe triangle is an indication that the pair will likely continue rising, I think.
ReplyDeleteThank you for the helpful analysis.
ReplyDeleteGreat take on markets today.
ReplyDeleteVery useful article.
ReplyDeleteGood article.
ReplyDeleteSpot on analysis.
ReplyDelete