USDCAD CONFIRMED BREAKOUT|CHART DECONSTRUCTED

The pair has broken out off the support it was holding for long time and has reached what might seem like a new support line of the diagonal channel.

The pair is now trading in a narrow range that is below 1.3789 level, that is a level on daily, which all together suggests a short.

The targets for the short are marked by dotted line, with each showing a daily level. If you want to see those daily levels, turn on the daily timeframe.

However, as I said, there might be a new diagonal channel forming, with the current range being on the support line of the new channel.

If that stands, then a move upwards is possible right up to the broken support.

The short trade looks better risk reward wise.

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Comment:

Target reached!