USD/CAD Medium Term down trend continuation or breakout
This is a one to watch, i don't have any trades at the moment, since the price is halfway in-between the top and bottom of the small convergence triangle.
If the price breaks out the bottom side then i would put a sell order on the red line, if it breaks the top of the multi-week resistance then i would place a buy order at the green line. This trade could go either way.
Always remember to be weary of 'fake-outs' where the price breaks out of the S/R lines but goes back within them immediately after, having buy/sell lines helps determine whether or not the breakout is likely to continue in the direction it's heading
If the price breaks out the bottom side then i would put a sell order on the red line, if it breaks the top of the multi-week resistance then i would place a buy order at the green line. This trade could go either way.
Always remember to be weary of 'fake-outs' where the price breaks out of the S/R lines but goes back within them immediately after, having buy/sell lines helps determine whether or not the breakout is likely to continue in the direction it's heading
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The pair made a nice clean breakout at the sell line, moved 138 pips