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23.12.201922:47 Forex Analysis & Reviews: USDCAD remains in sideways tightening trading range since July

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USDCAD has made no real progress since last July. Price bottomed around 1.30 and bounced towards 1.3380. Since then price is making lower highs and higher lows in a contracting triangle pattern.

Green lines- triangle pattern

USDCAD is approaching again the lower triangle boundary. Support is at 1.3060 area. If price holds this support level then we could see a bounce towards 1.3250-1.33. Short-term trend remains bearish as price is making lower lows and lower highs. A daily close above 1.3181 would turn short-term trend bullish.

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