USD/CAD Price Analysis: Grinds down near 1.3100 inside short-term triangle
- USD/CAD consolidates the recent gains, bounces off 1.3091 recently.
- One-week-old horizontal support adds a filter to the downside.
- The symmetrical triangle established from Wednesday restricts immediate moves.
USD/CAD seesaws around 1.3095 during the pre-Tokyo open Asian trading on Tuesday. The loonie pair began the week on a positive side but a short-term triangle challenges the traders.
As a result, the pair’s movement between 1.3047 and 1.3110 gains a little attention. Though, failures to keep the rise past-1.3160 favor the sellers.
It should, however, be noted that lows connecting from September 01, around 1.3038, add to the pair’s downside filters.
Hence, the bears will wait for a clear break of 1.3038 before attacking the monthly low around 1.2995.
On the contrary, the pair’s rise past-1.3110 can aim for 1.3140 and the monthly peak surrounding 1.3160.
Given the bull’s ability to conquer 1.3160, the 1.3240 and June month’s low of 1.3315 will be on their radars.
USD/CAD hourly chart
Trend: Sideways