SamKent

USD/CAD 2 Way Pattern

FX:USDCAD   U.S. Dollar/Canadian Dollar
236 2 5
The USD/CAD             4H chart is trading inside a wedge formation. In terms of the overall market structure, we're still in a bull market, with the ascending trend-line coinciding and serving as support alongside the kumo cloud. However, we've got a cross-back from overbought on the slow stochastic , as well as some big bearish engulfing candles in terms of the inner pattern price action. Therefore, Our current assessment is to wait for a breakout higher to go long or a break lower to go short, as we have no major bias on the pair technically speaking.
Interesting looking cloud design
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about to collapse?
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