FX.co ★ Patterns USDCAD | US Dollar (USD) to the Canadian Dollar (CAD) Rate in the Forex market

According to the chart of M30, USDCAD formed the Bullish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 1.4082 and support 1.4051. In case the resistance level 1.4082 - 1.4082 is broken, the instrument is likely to follow the bullish trend.

According to the chart of H1, USDCAD formed the Bullish Rectangle. The pattern indicates a trend continuation. The upper border is 1.4082, the lower border is 1.4051. The signal means that a long position should be opened above the upper border 1.4082 of the Bullish Rectangle.

The Double Top pattern has been formed on USDCAD M30. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.4054 is broken, the downward movement will continue.

The technical pattern called Head and Shoulders has appeared on the chart of USDCAD M15. There are weighty reasons to suggest that the price will surpass the Neckline 1.4061/1.4059 after the right shoulder has been formed. So, the trend is set to change with the price heading for 1.4037.

The Double Top pattern has been formed on USDCAD M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.4033 is broken, the downward movement will continue.

The USDCAD M15 formed the Head and Shoulders pattern with the following features: The Head’s top is at 1.4088, the Neckline and the upward angle are at 1.4027/1.4037. The formation of this pattern can bring about changes in the current trend from bullish to bearish. In case the pattern triggers the expected changes, the price of USDCAD will go towards 1.4015.

The Bearish pennant pattern has formed on the USDCAD M5 chart. It signals potential continuation of the existing trend. Specifications: the pattern’s bottom has the coordinate of 1.4043; the projection of the flagpole height is equal to 13 pips. In case the price breaks out the pattern’s bottom of 1.4043, the downtrend is expected to continue for further level 1.4028.

On the chart of the USDCAD M30 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 1.3984, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 60 points.

According to the chart of H1, USDCAD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 1.3980 is likely to encourage a continuation of the downward trend.

On the chart of the USDCAD M15 trading instrument, the Triple Top pattern that signals a trend change has formed. It is possible that after formation of the third peak, the price will try to break through the resistance level 1.3984, where we advise to open a trading position for sale. Take profit is the projection of the pattern’s width, which is 60 points.