The USD/CAD pair is trading in a symmetrical triangle pattern on a 60 minute time frame. The price is dropping towards the lower line of this pattern and only piercing of this pattern will determine the projection of this pattern. The volatility is high as the pair has pierced the Bollinger band and it is also trading away from its 20 day moving average. The piercing of the Bollinger band has only significant importance when this takes place at an important level of support or resistance. The meaningful support level is still far enough and it is mentioned below.
In terms of indicators, the MACD and the RSI are both trading in line with the price action which means that the momentum is behind the move and this trend could continue for sometime. The bears and bulls indicators are showing that bears are more in control of the price and the bulls are losing their grip.
1.3118-1.13169 Major resistance