USDCAD, Triangle-Breakout Incoming, Targets To Consider!

Hello Traders Investors And Community,

Welcome to this analysis about USDCAD, we are looking at the 4-hour timeframe perspective. As I discovered recently USDCAD is forming a very interesting structure which has considerable opportunities with USDCAD showing up and developing the right price-actions in the schedule, such events can lead to solid breakouts and also potential opportunities when it is done right. Therefore I detected the important levels, the likely determinations to consider and what targets have a high likelihood to be activated when USDCAD shows up with the completion of the triangle-formation in the structure ahead of the incoming times which is not unlikely to finally come up with.

As when we are looking now at my chart we can see there how USDCAD recently bounced from this main structure-support to the upside which is marked in my chart in blue. Besides that USDCAD is still in an uptrend that did not yet show up with a reversal to the downside yet and therefore has higher possibilities given to continue just when assuming this in the classical trend-following approach. Now as USDCAD bounced in this significant support this was the origin for the wave-count which is forming the local ascending-triangle-formation now, this triangle is marked in my chart with the black boundaries, and USDCAD almost already completed the wave-count, the last wave which is remaining is the wave C that is now developing.

What we should consider now in this structure with USDCAD is that the breakout in the next times is likely to emerge, this breakout above the upper boundary of the formation will complete the formation and will activate the upside targets at the 1.2456 level marked in my chart in blue. When USDCAD shows up with these developments and approach the final target-zone it has to be elevated how it reacts into this zone and if there comes a further continuation to the upside or USDCAD firstly reverses and as USDCAD will approach this important target-zone as well as resistance lying within there a pullback coming in should not be kept by side and should be in this case expected however it does not mean USDCAD is fully bearish and the bull-trend will reverse.

In this manner, thank you for watching my analysis about USDCAD and the main triangle-formation that is likely to show up with a breakout emerging to the targets in the upcoming times; will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
"Good luck is when opportunity meets preparation."

Information is only educational and should not be used to take action in the market.