AUDCAD Possible Bilateral Chart Pattern: Ascending Triangle

This type of triangle chart pattern occurs when there are a resistance level and a slope of higher lows. What happens during this time is that there is a certain level that the buyers cannot seem to exceed. However, they are gradually starting to push the price up as evidenced by the higher lows. If you think bulls can take the ball away up to the horizontal line (resistance of ascending triangle) winning against bear and if you sentimentally think buyers can further dominate over sellers and price for this major pair should have more room upward then this idea might be for you. Loonie is still in pressure no matter lately how it dragging dollar (king) lower after some fundamental reason behind the state huge moolah printing of $2 trillion sentiments shifted crazy but we clearly know still oil haven't shown any good result. I reckon sentiment wise Aussie standing at such a point where it may even drag lower greenback in future days more then loonie. Overall I mean Aussie may combat in intensive strength against loonie in the coming weeks or month which let me think about this trade plan assuming there could be a price action way up to that resistance line of ascending triangle at least.

Comment:

Bank of Canada Issues Half-Percentage Point Emergency Rate Cut

Comment:

BAck to track!

Trade closed: target reached:

kaboom!