USD/CAD Technical Analysis: Triangle formation highlights 1.3290 support on 4-Hour chart

• USD/CAD drops to the intra-day low around 1.3310 ahead of European open on Wednesday.
• The pair seems to form a symmetrical triangle pattern on the four-hour chart if we observe its trade moves since early March month.
• As a result, pattern support-line at 1.3290 is likely immediate support to watch during the quote’s further declines.
• Should prices refrain from following triangle formation and slip under 1.3290, 61.8% Fibonacci retracement of February – March upside, at 1.3220, followed by an ascending trend-line stretched since early February at 1.3180, can entertain sellers.
• Assuming the bears’ dominance past-1.3180, 1.3110 and 1.3070 could flash on their radars to target.
• If at all the quote takes a U-turn from present levels, 23.6% Fibonacci retracement level around 1.3375/80 can limit its near-term advances ahead of 1.3400 round-figure resistance.
• Additionally, pair’s rise beyond 1.3400 can confront pattern resistance-line at 1.3450, a break of which can propel it in a direction to 1.3470 and 61.8% Fibonacci expansion (FE) level near 1.3495 – 1.3500.

USD/CAD 4-Hour chart