Technical analysis of USD.CAD for August 4, 2016

The USD/CAD is trapped in a trading range despite giving a breakout signal above the long-term triangle pattern. 1.30 is crucial for the short-term future of this pair. On the other hand, only a break above 1.3150 could bring in some more bulls.

Blue lines - triangle pattern

The USD/CAD is trading above the daily Kumo. Bulls and bears are giving a big fight at the upper triangle boundary. As long as price is above the lower triangle boundary at 1.30-1.2950, bulls are still hoping for a breakout towards 1.33 to 1.36.

USDCAD is trying to break above the short-term Kumo resistance after bouncing twice from the 61.8% Fibonacci retracement of the rise from 1.2870. Short-term resistance is at 1.3150. Support at 1.3035. I'm bullish as long as we are above the 1.2950 level.The material has been provided by InstaForex Company - www.instaforex.com