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thedailychartist

USDCAD bullish breakout scenario above 1.26

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
thedailychartist Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Chart Patterns dollar loonie loonieshort breakoutsetup
2
0
chartpattern dollar loonie loonieshort breakoutsetup
Market's been trading in this descending channel since January and right now in a bull leg putting pressure against the resistance trend line.

If we are to see more USD strength (the dollar has been on a tear lately), then this could be a nice breakout setup.

Watching that 1.26 level like a hawk...
Comment:
Is this thing going to break out? Here's the 15-min view. You be the judge... ;)

snapshot
Comment:
There it is. Now let's see if it can hold that breakout...

snapshot
Comment:
Looking for a HTF confirmation...
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