The current
chart formation that the USD/CAD has created on the daily chart looks like a
descending triangle, except that the trend coming into the formation is bullish
and normally these triangles tend to behave as continuation patterns. However,
we can see how the price has tested many time the 1.2400 level, but it has made
a higher high yet. Therefore, it is possible to see a breakout to the downside.
In case we see a downward breakout, then we could wait for the pullback to the
same 1.2400 level for a possible short entry.
Well spotted! I'll keep it in mind.
ReplyDeleteGood analysis.
ReplyDeleteThanks for the relevant information.
ReplyDeleteThat looks like one, yes.
ReplyDeleteVery well spotted, good analysis.
ReplyDeleteWell done.
ReplyDeletewell spotted.
ReplyDeleteI think this is very interesting information.
ReplyDelete