USDCAD is under pressure from the downtrend. The currency pair is forming a range, which is beginning to narrow and form a consolidation
TA on the high timeframe: 1) Downtrend, but at the same time a sideways movement is forming. Price is not updating either lows or highs. Consolidation is forming. 2) Decrease in volatility is a sign of an approaching breakout and increase in volumes.
TA on a low timeframe: 1) A triangle is forming on the main chart between downward resistance (strong area) and upward support 2) Since we have a temporarily strengthening dollar and a bearish trend, we have a better chance of breaking through support and in that case the price may fall to 1.33172 3) But if we break through resistance, a bullish momentum may occur and the price may go towards 1.3665
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