USD/CAD continues to decline within the Uniform Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 5 bar level as a result of the low Initial Trend (measured at one bar level), significant Uniformity (7 bars) and above average Clarity (6 bars). This Triangle develops in accordance with the predominant downtrend that can be seen on the daily and the weekly USD/CAD charts. Both of the connecting points of the upper resistance trendline of this Triangle (points A and B on the chart below) formed when the pair failed break up above the strong resistance at 1.0500. The pair is expected to fall further in the nearest time.
As can be seen from the PowerStats chart analysis below, the entire daily Expected Price Range (a measure of price volatility calculated continuously by Autochartist for each currency pair, from 1.0377 to 1.0210) stands below the value of the upper resistance trendline of this Triangle - which increase the chances that USD/CAD will continue to fall tomorrow.
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