USDCAD: Completing the Symmetrical Triangle, Ready for Breakout?
Updated
Here's a Free Technical Analysis on the USDCAD!
Price Action Analysis
On the Daily Timerame, U.S. Dollar / Canadian Dollar has moved above the EMA200, indicating a bullish trend. Simultaneously, The chart forms a symmetrical triangle pattern, usually a sign of trend continuation. The MACD Indicator/Histogram turns positive, signaling a possible bullish bias ahead. If there's a breakout of the symmetrical in the future, USDCAD may reach the second target (Fibonacci Ratio Area).
The roadmap will be invalid after reaching the target/support area.
Support the channel by smashing the rocket button and sharing your opinions in the comment below!
"Disclaimer: The outlook is only for educational purposes, not a recommendation to put a long or short position on the USD/CAD"
Price Action Analysis
On the Daily Timerame, U.S. Dollar / Canadian Dollar has moved above the EMA200, indicating a bullish trend. Simultaneously, The chart forms a symmetrical triangle pattern, usually a sign of trend continuation. The MACD Indicator/Histogram turns positive, signaling a possible bullish bias ahead. If there's a breakout of the symmetrical in the future, USDCAD may reach the second target (Fibonacci Ratio Area).
The roadmap will be invalid after reaching the target/support area.
Support the channel by smashing the rocket button and sharing your opinions in the comment below!
"Disclaimer: The outlook is only for educational purposes, not a recommendation to put a long or short position on the USD/CAD"
Note
USDollar Breakout, Otw First targetNote
The Markets aren't going anywhere in many instruments, including this pair. Still waiting for the right momentum and trend to come again :)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.