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USD/CAD Daily Technical Analysis | 31 January 2018

2018-01-31 08:35 am | Resource: Technical Analysis Section | No Views : 276

During the European session yesterday morning, the USD broke against CAD the upper leg of the classic symmetrical triangle pattern on the 60-minute time frame as a result of bull pressure on the pair, which the Bear faced with great selling waves, which led to the pair trading below 1.2328.

USD/CAD Daily Technical Analysis | 31 January 2018

The pair is still trading sideways as it continues to trade within the classical pattern, and the SMA 20 is still neutral.
RSI 14 Our neutral view of the trading result in a narrow range and also the result of breaking the ascending trend line without confirmation.
It is expected that if the pair breaks the Canadian currency at 1.2308, the pair may target 1.2189, while breaching 1.2346 might target 1.2433.
Resistance: 1.2398- 1.2467 - 1.2328
Support: 1.2328- 1.2236- 1.2135
Trend: Sideway

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