USDCAD Turned Sharply Up

USDCAD turned south after an unsuccessful push above 2022 highs, so it appears that pair is still stuck in a triangle range, which seems to be a bullish pattern but is incomplete.
 

Recently it turned sharply up in the 4-hour chart, so we are now tracking wave (D) that is underway to the upper side of a range, with potential resistance near 1.3900, but after (A)-(B)-(C) structure that is now still in play, so more gains should follow after wave (B) pullback. Supports are at 1.3725 and 1.3647.

On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.