USDCAD Triangle watch
The US dollar is still struggling for directiona against the Canadian dollar, despite last Friday’s very strong monthly jobs report from the Canadian economy. The lower time frames currently show that the USDCAD pair is trapped within a triangle pattenr, between the 1.2512 and 1.2630 price levels. Once a break from the well-defined triangle pattern occurs a directional move of over 100 pips is likely to take place.
The USDCAD pair is only bullish while trading above the 1.2570 level, key resistance is found at the 1.2630 and the 1.2740 levels.
If the USDCAD pair trades below the 1.2570 level, sellers may test the 1.2512 and 1.2470 levels.