USDCAD - Closer to breaking
The price is once again testing the resistance level of this ascending triangle. The price has been unsuccessful so far on breaking this level but as the triangle becomes more and more narrow the price may soon have to make a move. The RSI is currently in a great position for a bullish push, I believe the price would break out the resistance and them make its way back down to retest the broken resistance, but we will have to wait and see what happens. I will keep everyone updated on this pair over the coming days.
Note
With the Fed confirming the second rate hike this year and showing that there will be a total of 4, the USD looks much more bullish. I would think that the price would breakout the top of this ascending triangle.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.