USDCAD Possible breakout about to happen on weekly chart
We have a small ascending triangle about to break out. At first we had a smaller ascending triangle which had a minor false breakout followed by a major false breakdown which forms a bigger ascending triangle.
There is a decent backround to support going long only thing to concider is the anomaly which formed on Friday a wide spread up candle with low volume. But on monthly chart there is a second consecutive test forming which is a decent indication of strength.
As the entry bar is test we expect prices to rally within the week. Look out for wide spread down candles on daily chart within the week. Narrow spread bars are fine but if a wide spread down candles apper it's probably a good idea to cut losses. If the next week closes in the middle or near top as a narrow spread bar it is a further indication of strenght.
I will also update idea if one of those scenarios happen.
There is a decent backround to support going long only thing to concider is the anomaly which formed on Friday a wide spread up candle with low volume. But on monthly chart there is a second consecutive test forming which is a decent indication of strength.
As the entry bar is test we expect prices to rally within the week. Look out for wide spread down candles on daily chart within the week. Narrow spread bars are fine but if a wide spread down candles apper it's probably a good idea to cut losses. If the next week closes in the middle or near top as a narrow spread bar it is a further indication of strenght.
I will also update idea if one of those scenarios happen.
