USDCAD forming Pennant, consolidating between trend lines.
Practicing my trend line analysis;
First Quarter projections:
This pair has the properties of forming a consolidation and tighter range in the next few months.
I predict Oil price will be the prominent and determining factor and be the catalyst for a breakout in either direction. Fundamentals suggest higher oil prices, which would track with my analysis pushing this pair into a bearish trend continuation.
Thoughts?
First Quarter projections:
This pair has the properties of forming a consolidation and tighter range in the next few months.
I predict Oil price will be the prominent and determining factor and be the catalyst for a breakout in either direction. Fundamentals suggest higher oil prices, which would track with my analysis pushing this pair into a bearish trend continuation.
Thoughts?
Trade active:
Long term Bearish Bias in play. Lower trend line was broken this week.