Bullish USDCAD - 26 May 2023 - Technical Analysis

EURUSD FOREX

USDCAD

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 5 Min time frame chart supports USDCAD Bullish bias. A break of 1.36439 will support the rise towards the target of 1.36697 the break of 1.36697 would push the price to 1.36869.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.33992
Support S1: 1.33980, S2: 1.33959 , S3: 1.33947
Resistance R1: 1.34013 , R2: 1.34025 , R3: 1.34046

Summary

Instrument :

USDCAD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

55%

Open price :

1.36439

Activation Time :

2023-05-26 14:55

Age :

20 Bars

Progress :

Close Time :

2023-05-26 16:30

Time Frame :

5 Min

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

There are no signals right now

Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.