Currency analyst

USD/CAD: loonie is searching for a new driver

On the daily chart USD/CAD returned to the levels inside the rising triangle. A break above its upper bordrer will help to restore the medium-term bullish trend. As a result, the pair may realize 161.8% of AB=CD pattern target at 1.3520. On the other hand, decline below the diagonal support will lead to continuation of the decline to 1.2720 (88.6% of the "Shark" pattern target).

On H1 USD/CAD completed the widenind wedge pattern. After correction to waves 4-5 the beras seized initiative that allowed the pair to reach 127.2% of teh Shark parren target. The pair formed the double bottom and is currently consolidation in the 1.3-1.314 area. The break of this range will determine further dicrection of the pair. 


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