Autochartist recently identified the clear Triangle chart pattern on the 4-hour USD/CAD charts – as you can see form the following trade opportunity alert for this currency pair. The pair is set to break up above this Triangle and to reach the target level 1.0446 in the next 3 trading days (point B, which corresponds to the last connecting point of the upper resistance trendline of this chart pattern). Autochartist sets the stop-level for this forecast at 1.02935 (point A). The bottom of this triangle (point C) formed recently when the pair reversed strongly up from the 61.8% Fibonacci Retracement of the preceding sharp daily upward impulse form parity – which indicates accelerating uptrend and increases the probability this forecast will soon be realized.
The following daily USD/CAD chart shows the aforementioned support levels: