USDCAD TECHNICAL ANALYSIS ON H4 AND WEEKLY TIMEFRAME
USD/CAD took off today, up almost 100 pips, just ahead of strong horizontal resistance at 1.3320 and the 78.6% retracement level from the highs on September 4th to the lows on September 10th at 1.3230. First support comes in at 1.3288. Below that are the previously mentioned lows from September 10th.
However, PAY ATTENTION TO THE WEEKLY CHART! USD/CAD IS wound up tightly inside this symmetric triangle on the weekly chart. The downward sloping trendline comes in at roughly 1.3435. The upward sloping trendline comes in at roughly 1.3135. THE BREAK OF EITHER OF THESE TRENDLINES MAY DETERMINE THE NEXT LONGTERM DIRECTION OF USD/CAD.