Bullish USDCAD - 12 April 2024 - Technical Analysis

EURUSD Forex

USDCAD

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports USDCAD Bullish bias. A break of 1.36270 will support the rise towards the target of 1.37500 the break of 1.37500 would push the price to 1.38320.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.36576
Support S1: 1.36553, S2: 1.36536 , S3: 1.36513
Resistance R1: 1.36593 , R2: 1.36616 , R3: 1.36633

Summary

Instrument :

USDCAD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

62%

Entry Level :

1.36270

Activation Time :

2024-04-05 13:00

Age :

30 Bars

Progress :

100%

Close Time :

2024-04-12 09:00

Time Frame :

4 Hour

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.