akyong

USDCAD: Price continues to consolidate

FX:USDCAD   U.S. Dollar/Canadian Dollar
Last week, price didn't manage to break below the 1.2380 level and at the same time it didn't manage to break new high. As such price continued to consolidate in a triangle pattern.

A break below the 1.2380 level would send the pair likely towards the 1.2045 level.

However, as long as this level holds and price breaks above the triangle, the uptrend will continue and push price further upward.

I would love to hear your opinion, feel free to comment, agree or disagree.

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KY
Chief Currency Strategist
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