SDMarik

USDCAD under pressure, breakout on the way.

FX:USDCAD   U.S. Dollar / Canadian Dollar
223 0 4
USDCAD             is building up some pressure and a breakout can be expected in the near future. Wait for a breakout under the support line (which has been tested multiple times already) or a breakout and close over the trend line on top of the descending triangle .

There are also a few different moving averages, (20,50,100) that should add to downward pressure on the D chart, so if it breaks those as it crosses the trend line to the upside, expect some good volatility and a nice shot upward, the break to the downside can have some serious momentum based off of the strength of that support.

As always wait for some confirmation/consolidation before deciding to time an entry.
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