Price action on USD/CAD has entrenched itself in a horizontal, converging consolidation. Bounded in a triangle-like formation by an uptrend support line on the bottom and a downtrend resistance line on the top, the pair is poised to make a substantial directional move. For the technicals on this currency pair, please click here for Thursday’s Chart of the Day.
UPDATE: As of early Friday in New York, price on this pair has respected the uptrend support line, and instead broke out above the downtrend resistance line. Now approaching further resistance in the 1.2750 region, if this level is broken through significantly, price could very well go on to re-test the triple-tested highs around 1.3000.
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