Daily Forex Update: USD/CAD

By: Dima Chernovolov

USD/CAD continues to rise – following the earlier breakout of the Uniform Ascending Triangle chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 7-bar level – which is the result of the low Initial Trend (2 bars) and high Uniformity and Clarity (both rated at the 9 bar level). The strength of this chart pattern breakout is similarly rated at the 9-bar level. USD/CAD is likely to rise to the Forecast Price 1.3283.

As can be seen from the PowerStats chart below, the upper boundary of the daily Expected Price Range calculated for this currency pair (1.3324) stands well above the Forecast Price calculated by Autchartist for the breakout of this Ascending Triangle (1.3283) – which adds to the likelihood the pair will continue to rise toward this target tomorrow.

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

For further information on this and other Autochartist products visit www.autochartist.com