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Consolidating in a symmetrical triangle pattern

  • USD/CAD’s 4-hour chart shows the pair is trapped in a symmetrical triangle. 
  • The outlook would turn bullish if the triangle is breached to the higher side.

USD/CAD is currently trading in the red near 1.42, having found offers near 1.4260 an hour ago. 

The pair is trading in a contracting triangle, popularly known as the symmetrical triangle, as seen on the 4-hour chart. 

A break above the top end of the triangle at 1.4260, would confirm a breakout and open the doors to 1.4349 (triangle high) and 1.4382 (61.8% Fibonacci retracement of 1.4667/1.3921). 

A triangle breakout would also confirm an upside break from the falling channel that has been in place since March 18. 

Alternatively, a symmetrical triangle breakdown would imply a continuation of the decline from 1.4667 and may yield a sell-off toward 1.3921 (March 27 low). 

4-hour chart

Trend: Neutral

Technical levels

 

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