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USD/CAD Symmetrical Triangles on H4 Chart

August 14, 2011 by

An almost flawless symmetrical triangles pattern has formed on the USD/CAD H4 chart. The current price is quite close to the pattern’s apex, signaling a prompt breakout. The previous trend is clearly bullish, hinting that the bullish breakout should be expected. In case of a bearish breakout, the pattern may not sustain itself. USD/CAD @ 1.0163 seems to be a likely target for the bullish breakout, while 0.9648 is the medium-term support level in case of a bearish breakout. You can click the image below to get a full-sized chart:

USD/CAD Chart as of 2011-08-14

If you have any questions or comments regarding this EUR/USD chart pattern, please feel free to reply via the form below.

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