USDCAD triangle pattern building

USDCAD triangle pattern building

The USD/CAD daily chart shows a nicely defined triangle pattern with a flat support level between 1.385 and 1.39

When you connect the highs with a trendline, we feel bearish pressure building because the highs are moving lower.

There is lots of room to the downside below the support after the initial corona-rally.

 

A look at the 4H timeframe shows the range clearer. It feels like the price is currently pushing into the support level stronger. But as long as the price is stuck in the range, the market is in a neutral phase.

A failure to break lower could cause a new bullish trend leg back into the trendline.

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