USDCAD has broken ascending trendline from 03.Nov min 1.3038, currently located at 1.3330, that created lower range for triangle.
Backward testing of 1.3330 suggests entry point for selling USDCAD with stop-loss above local high 1.3370 (40 pts) and take-profit at 1.3240 (90 pts).
Target is set with projected orange trendline from 06-10 Nov. highs through 13.Nov low 1.3267, currently at 1.3243 and confirmed by 23.6% Fibo correction ratio (see 4H chart).
Backward testing of 1.3330 suggests entry point for selling USDCAD with stop-loss above local high 1.3370 (40 pts) and take-profit at 1.3240 (90 pts).
Target is set with projected orange trendline from 06-10 Nov. highs through 13.Nov low 1.3267, currently at 1.3243 and confirmed by 23.6% Fibo correction ratio (see 4H chart).
Trade active:
USDCAD remained below blue trend line, 'H&S' figure is likely at 1.3355.
Trade closed manually:
USDCAD closed at 1.3255 manually, looking for re-enter at 1.3300 targeting 1.3224, 1.3165, 1.3070.
More details in following idea
More details in following idea
