FX:USDCAD   U.S. Dollar/Canadian Dollar
19 1 2
The triangle formation formed some weeks ago showed a false breakout and consequently price has resumed back within the triangle. Price is at a support trendline as we speak and if this breaks down then we could see a big move to test the lows.

Alternatively, if Oil             retraces after its recent surge then we can expect price to continue back within the oscillation. With a weak dollar and gains in Oil             my favorite is for the down trend to continue, time will tell.

For more information and setups, either follow me on here or at www.ejfxtrading.com
For further analysis on charts, trade setups and education please sign up to my website to find out about some exciting courses that I will be teaching, at www.ejfxtrading.com

Related Ideas

EvanJones PRO
3 months ago
Just an update to this idea. I'm expecting a few factors at play today, mainly the API Oil releases and the FOMC minutes.

Usually, with a breakout you can expect a retracement back to the consolidation area before the breakout really occurs. This is generally a great place to enter the trade if you missed the breakout in the first instance. However, today is tricky, an anticipated Oil glut is due to be shown later today which will aid USDCAD to climb north and if the FOMC minutes are good for the dollar then this may become a false breakout. best way is to place sell orders below the lows or enter more or less now and place stops above the retracement.

snapshot
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out