💱USDCAD - symmetrical triangle on a bullish trend

16 באוק׳ 2023

USDCAD is in consolidation. A symmetrical triangle with a correction phase to the support area is being formed. The trend is upward, the currency pair follows the dollar index



TA on the high timeframe:
1) The dollar index is going to rise, and so is the USDCAD currency pair.
2) A rebound from the support area with further breakout of the triangle resistance is possible.

TA on the low timeframe:
1) the price is heading towards the triangle support. This is acceptable as long as the dollar indes stands still
2) A bullish bounce may follow from the support on the backdrop of the uptrend
3) I will wait for a breakout of the pattern resistance to open a trade

Key resistance📈: 1.36559
Key support📉: 1.36190