Black lines- triangle pattern
USDCAD is trading around 1.3453. Price has formed over the last few months a triangle pattern. The upper triangle boundary provides resistance at 1.3550, while the lower triangle boundary at 1.3290 provides support. Currently we see a possible rejection at the upper triangle boundary. This makes USDCAD more vulnerable to a pull back towards 1.3290. Failure to hold above the lower triangle boundary will open the way for a move towards 1.28. On the other hand if price breaks above and out of the triangle pattern, we should then expect USDCAD to form new highs above 1.3705.
