FX:USDCAD   U.S. Dollar/Canadian Dollar
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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.

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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.

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