Chart of the Day $USDCAD

/ Chart of the Day / By Alex

On the USDCAD daily chart, we can see that the pair is in the consolidation triangle which is narrowing and we can soon see a breakout. Since the pair is below the important 1.34000 level this could be anticipated as the reversal triangle. The trading of the pair could be in both directions but at this stage, the short trade entries have a lower risk.

Note: Look for the short trade entries with the stop loss above the 1.3400 level. In the case of a daily close above the 1.3420 level look for the long trade entries.

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