Daily Forex Update: USD/CAD

By: Dima Chernovolov

USD/CAD continues to fall sharply – following the earlier breakout of the uniform Triangle chart pattern which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this chart pattern at the 7 bar level – which is the result of the low Initial Trend (3 bars), maximum Uniformity (10 bars) and significant Clarity (7 bars). The strength of this Triangle breakout is also measured by Autochartist at the maximum 10 bars level – which adds to the probability will soon reach the Forecast Price 1.2801.


As can be seen from the PowerStats chart below – the lower boundary of the daily Expected Price Range calculated by Autochartist from this currency pair (1.2734) stands well below the Forecast Price calculated for the breakout of this Triangle (1.2801) – which increases the probability pair will continue to fall in the nearest time.


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