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USDCAD: Triangle Setup Argues for Gains

USDCAD: Triangle Setup Argues for Gains

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Long

USDCAD is carving out a Triangle chart formation, which typically points to trend continuation and in this case favors a bullish bias. However, a bearish Three Inside Down candlestick pattern below triangle resistance warns of losses and we will stand aside for now until a concrete buy signal emerges.

USDCAD_Triangle_Setup_Argues_for_Gains_body_Picture_5.png, USDCAD: Triangle Setup Argues for Gains

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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