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USDCAD : Consolidating Within Symmetrical Triangle, Bias towards Breakout !

USDCAD : 4 Hour Chart

US dollar is weak today against its major counterparts across the market. Let’s have a look at the pair USDCAD which continues to consolidate within a symmetrical triangle trend and might either break out or break down from the resistance or support trend line respectively. Currently the pair is testing the support at 1.1266 which earlier provided resistance as well. On the other hand the pattern of the moving averages is such that it is signaling an uptrend continuation so according to it the pair should break out from the falling resistance trend line. However if it breakout, the next nearest resistance would be at 1.1296.

USDCAD : Daily Chart

On the daily chart, the pair seems to be supported by the two rising support trend lines on the chart, so even if the pair declines below the first rising support trend line we cannot say that the bearish trend will now be in effect. The rising channel trend is signaling that the pair will continue to follow an uptrend for a while.