Black lines- triangle pattern
USDCAD is trading around 1.3551. As we mentioned in a previous analysis, price is trading inside a triangle pattern. Price is now approaching the upper triangle boundary which is key resistance. This resistance is at 1.3588. There is still room inside the triangle for price to move around, so a rejection at 1.3590 is not out of the question. Price is approaching a key junction so traders need to be very cautious. Price has formed higher lows and lower highs. Will it continue by getting rejected at 1.3590? A rejection could bring USDCAD back towards the lower triangle boundary at 1.3290.
