Interesting technical setup in the USD/CAD

Looking at the USD/CAD, an interesting technical setup is taking place on a 30-minute chart.

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Interesting technical setup in the USDCAD

The US Dollar was bullish against most of its major pairs on Friday with the exception of the NZD, AUD and CAD.

On the economic data front, the University of Michigan's Consumer Sentiment Index rose to 78.9 on month in the June preliminary reading (75.0 expected), from 72.3 in the May final reading. 

On Monday, Empire Manufacturing for June is expected to rise to -30.0 on month, from -48.5 in May.                                                                                                         

The Euro was bearish against most of its major pairs with the exception of the CHF, GBP and JPY. In Europe, the European Commission has posted April industrial production at -17.1% (vs -20.0% on month expected). France's INSEE has released final readings of May CPI at +0.4% (vs +0.2% on year expected). The U.K. Office for National Statistics has reported April GDP at 20.4% (vs -18.7% on month expected), industrial production at -20.3% (-15.0% on month expected) and manufacturing production -24.3% (vs -15.6% on month expected).

The Australian dollar was bullish against most of its major pairs with the exception of the NZD and CAD.

Looking at the USD/CAD, an interesting technical setup is taking place on a 30-minute chart. The pair rebounded from a bearish trend channel and is now forming a symmetrical triangle continuation pattern. A break to the upside of the triangle pattern will have bullish implications. Wait for confirmation in either direction before taking action on this setup. A break below 1.3525 support would have bearish implications. 

Source: GAIN Capital, TradingView

Have a great weekend

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