FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD             developed a bearish pennant on daily which is a continuation pattern and after last days failure to make a new high we could see the start of a big move down.
Comment: Boom! USDCAD breaks out of the pennant after it failed to make a new high as i expected, we should see some buyers stepping in at 1.28, if not 1.27 is the next level to look out.
Comment: USDCAD testing pennant breakout and should now continue down.
Sell will be better now?
tonz_of_gunz RaymondCcv
Well not from here, you could sell right on the bottom, maybe wait for some kind of retracement.
RaymondCcv tonz_of_gunz
it didn't touch 0.382 retracement line so think of the possibility that it could go back to that level.
Of course, there is always that possibility but it looks like the move up is finished, we will see:).
this pennant could also be viewed as a corrective structure for the bullish impulsive leading into it, right? so you would consider a bullish break also?
No,only thinking about bearish drop. That "impulsive" wave its a clear abc and its inside pennant so no doesnt look like a correction for an impulsive wave up, at least not for me.
Thank you for your help.
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