Description
⋅ Hi Traders!
There is a triangle pattern on the USDCAD 4H chart ahead of the Bank of Canada (BoC) Monetary Policy Report, Rate Decision, and press conference.
Here are the details:
The price action looks bullish due to US dollar strength, and the market is currently in a consolidation phase in the triangle.
Depending on what we get later from the Bank of Canada, we may get a re-test of the monthly high at 1.35420 if the triangle resistance breaks.
It is expected that the BoC will hold rates at 5%.
Preferred Direction: Buy
Resistance: 1.34797 (TRENDLINE RESISTANCE)
Resistance: 1.35420 (MONTHLY HIGH)
Support: 1.34401 (TRENDLINE SUPPORT)
Technical Indicators: 20 EMA
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BluetonaFX