The current technical pattern has signaled a possible correction of the USD/CAD currency pair after a significant increase since the end of last week. On the 30-minute timeframe, a classic reversal pattern of Triple Top has been formed. At the moment, the key support and resistance levels are 1.34600 and 1.34850, respectively. We recommend paying attention to this situation.
If the price fixes below 1.34600, you should look for entry points to the market to open short positions. The immediate goal for profit taking is the level of 1.34350. The movement is tending to 1.34200-1.34100.
Alternative option. If the price fixes above the resistance level of 1.34850, further growth of the USD/CAD quotes is expected. The movement is tending to 1.35250-1.35500.
When tracking a position, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account