empty
 
 
06.06.2023 10:09 AM
USD/CAD, Daily | Asymmetrical Triangle Downside Breakout?

This image is no longer relevant

USD/CAD chart shows bearish momentum with the price breaking out of an asymmetrical triangle to the downside. The first support level at 1.33059 is an overlap support at the multi-swing lows which is a significant level for buyers. The second support is at 1.31609 which is an overlap support which coincides with the -27.2% Fibonacci expansion. The first resistance at 1.36672 is an overlap resistance coinciding with the 61.80% Fibonacci retracement, poses a challenge to upward movement. The second resistance at 1.38814 acts as a pullback resistance and potential barrier to price increases.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback