USDCAD is Trading in the Descending Channel Pattern. Within Descending Channel Pattern, it was trading in a rising wedge and given a downside breakout, as shown in the chart. According to chart pattern analysis, we might see more downside towards the support level. Short side trade can be initiated with proper risk management and stop loss, as USDCAD may trade in channel pattern for the longer term.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.