Daily Forex Update: USD/CAD

By: Dima Chernovolov

USD/CAD recently broke the Clear Triangle chart pattern – which was previously identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this Triangle at the 6-bar level – which is the result of the low Initial Trend (2 bars), significant Uniformity (7 bars) and near-maximum Clarity (9 bars). Autochartist measures the strength of this Triangle breakout at the 6-bar level. USD/CAD is expected to rise to the Forecast Price 1.3289.

As can be seen from following PowerStats chart – the upper boundary of the daily Expected Price Range calculated by Autochartist for this currency pair (1.3272) stands within a few pips’ distance of the Forecast Price calculated by Autochartist for the breakout of the aforementioned Triangle (1.3289) – which adds to the probability USD/CAD will soon reach this forecast price.

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