Daily Forex Update: USD/CAD
By: Dima Chernovolov
USD/CAD continues to rise after the recent breakout of the Triangle chart pattern which was previously identified by Autochartist on the 30-minute charts. Autochartist rates the Quality of this Triangle at the 5 bar level – which reflects the above-average Initial Trend (6 bars), medium Uniformity (5 bars) and lower Clarity. Autochartist rates the strength of this breakout of at the near-maximum 9-bar level – which adds to the probability USD/CAD will soon reach the forecast price 1.3386.
As can be seen from the daily USD/CAD chart below, breakout of this Triangle follows the earlier upward reversal from the support zone lying between the support level 1.3270 and the 38.2% Fibonacci correction of the earlier upward impulse sequence from the end of January. The sharpness of this impulse sequence adds to the probability USD/CAD will soon reach the forecast price 1.3386.
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