Baxia Markets
August 16, 2021

Ascending Triangle on USDCAD

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The price of USDCAD has been hovering around the 1.256 level since Jul 28th. Although the waves are small, we can observe an ascending triangle here. The triangle started on Jul 28th, which was the same as the time of the first wave. As we know, the ascending triangle is a bullish signal. So, will the price break up as we expected?




Despite the pattern itself, let’s see what we have for now. Bollinger Bands have shrunk and now have expanded; however, the price line is still beyond the upper Bollinger Band. The price line broke up of the Bollinger Bands. Another thing is that the price line now overlaps with the Ichimoku clouds, which means the price line is now at a turning point. MACD just made a bullish cross. Parabolic SAR has made an upward trend with a sharp slope. Standard Deviation goes up, which means another big wave is coming.


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