USD/CAD Stalls Near 1.4050; Descending Triangle Pattern Takes Shape
USD/CAD failed to sustain its rebound from the 1.3990 area and remains capped near 1.4060, with price action gravitating towards the apex of a descending triangle.
USDCAD
The US dollar paused at 1.4050 against the Canadian dollar on Tuesday, unable to extend a bounce from last week’s low of 1.3990. The recovery stalled below the 1.4060 mark, leaving the pair to consolidate.
Technicals point to a descending triangle formation above the 1.4000 support zone. The pattern is typically bearish, and price is now approaching its peak.
A break below the 1.4000 handle could accelerate losses, while a close above 1.4060 would be needed to negate the bearish structure.
Source: FXStreet Forex News