FX:USDCAD U.S. Dollar / Canadian Dollar
As seen in the chart, we have a symmetrical triangle chart pattern formation on the 4-hour timeframe, suggesting that the price may move higher to test a bearish trendline associated with the chart pattern.
Simultaneously, in the lower timeframe, the price is forming a bearish corrective move after a prior bullish impulse on this pair. The price has been unsuccessful in breaking below the support.
If the price manages to break the bearish trendline in the lower timeframe, we could anticipate a follow-through, with the price moving at least towards the trendline. From that point, we can evaluate the potential for the next price move.
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