USD/CAD continues to fall inside the Uniform Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this Triangle is rated at the 4 bar level as a result of the low Initial Trend (rated at the one bar level), significant Uniformity (7 bars) and average Clarity (5 bars). Higher Uniformity reflects the even distribution of the connecting pints of the upper and the lower trendlines of this chart pattern. This chart pattern continues the prevailing downtrend that can be seen on the daily, weekly and the monthly USD/CAD charts. The top of this chart pattern (point A on the chart below) formed when the pair reversed down from the strong resistance at 1.0650, which had previously reversed down multiple upward price impulses during the 2010 (as is shown on the third chart below). The price has recently reversed down (at point B) from the 50% Fibonacci Correction of the preceding A to E downward price impulse and is expected to fall further in the coming sessions.
As can be seen from the following 15-minute USD/CAD Key Levels chart, the recent downward reversal (from point B) has led to the Breakdown through the horizontal Support level 1.0162, identified earlier by Autochartist. The pair is expected to fall further in the direction of the Forecast Area located between price levels 1.0086 and 0.9992.
The following daily USD/CAD chart demonstrates the technical price levels mentioned above:
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