USD/CAD: Triangle Close To Completion
Forex4you | Mar 02, 2015 08:20AM ET
USD/CAD is still consolidating in a triangle. The pair appears to be completing an E-wave, indicating the pattern has probably almost finished.
There is a possibility it could breakout higher in the direction of the previous trend. A move above the D-wave highs at 1.2662 would confirm a continuation up to a target near the January highs at 1.2792.
Alternatively, another possible, but less likely scenario would be a move down, below the lower border of the triangle and the S1 monthly pivot, including a 20-point margin – so below 1.2187 - confirming a continuation down to a target at support at the monthly S2, situated at 1.2117.
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