USD/CAD: Bullish Breakout From Triangle Confirmed
Forex4you | Mar 10, 2015 06:50AM ET
USD/CAD has now broken out of the triangle it was forming, visible on the 4-hour chart. It has moved above the D-wave highs at 1.2662 confirming the breakout.
The up-trend is expected to continue, in line with the longer-term trend now the triangle has finished.The pair will probably run higher up to the next target situated at 1.2727, where resistance is expected from the R1 monthly pivot. The pair has now moved back below the D-wave highs temporarily but if it moves back above 1.2662 there is a possibility of a continuation higher.
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