Trade of the Day: USD/CAD

By: Dima Chernovolov

USD/CAD continues to rise inside the hourly Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the slow Initial Trend (3 bars), average Uniformity (5 bars) and strong Clarity (8 bars). USD/CAD is expected to rise further inside this Triangle.

As can be seen from the daily USD/CAD chart below – the pair earlier reversed up from the support area located between the support level 1.3675, 20-day moving average and the 61.8% Fibonacci correction of the upward impulse from the start of October. The proximity of this support zone and the clear daily uptrend increase the probability USD/CAD will continue to rise inside this Triangle.