USDCAD sees potential triangle pattern breakout ~1.0400

Key Technical Bullets:

• 13-hour sma remains below hourly 144 & 169 ema’s (bearish)
• 38.2% retracement near 1.0435 has provided staunch resistance
• Continued to find resistance into 100-hour sma
• Sees triangle support near 1.0400
• Height of triangle pattern is 110 pips
• Watch for a potential RSI break below corresponding trendline support prior to price
• Pattern becomes effective upon hourly close below 1.0395
• 2013 low near 1.0325 may prove supportive
• Should channel become valid, measured move objective ~1.0290

That being said, it is important to note that a technical signal has not yet been generated. Furthermore, a break above 1.0450 would negate this potential downside triangle formation breakout.

Source: Forex.com

15.07.2013