USD/CAD triangle
Hello everyone,
I spotted a descending triangle on the daily chart of this pair, which is usually followed by a move down after the breakout.
As you can see, the neckline of this triangle is around 1.385-6.
A breakout of this level might take us to a projected 500 pip move down as per the measurement strategy, to levels near 1.335-1.345 which happen to be the daily gap back in March, and usually gaps tend to get filled.
This move might be supported by crude oil prices which are now stuck in a rectangle formation (gonna post about that later on) and looks light a breakout to the upside is about to occur.
I don't advice any trade at the current level because prices are still mid levels in the triangle.
Good luck
I spotted a descending triangle on the daily chart of this pair, which is usually followed by a move down after the breakout.
As you can see, the neckline of this triangle is around 1.385-6.
A breakout of this level might take us to a projected 500 pip move down as per the measurement strategy, to levels near 1.335-1.345 which happen to be the daily gap back in March, and usually gaps tend to get filled.
This move might be supported by crude oil prices which are now stuck in a rectangle formation (gonna post about that later on) and looks light a breakout to the upside is about to occur.
I don't advice any trade at the current level because prices are still mid levels in the triangle.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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