USD/CAD consolidation before news
The currency is still trading outside the regression channel but it is just on the edge of the trading channel [thick purple line]! Right there a h&s has formed and its target was achieved yesterday. This gives good signals[odds] for a POSSIBLE change in trend and therefore for a continuation in the overall market trend [bearish]
As a lot of new will be release for the CAD and USD in the next 40 min. I have come up with two possible scenarios for the currency.
Scenario 1 is in the case of a full upward breakout, with a resistance zone.
Scenario 2 is in the case of a full downward breakout.
Both of them have a downward overall target level.
note: the target level will be no longer target for scenario 1 in the case of an establishment of a new high!
I have left the market prediction neutral because of the both daily trend possibilities.
As a lot of new will be release for the CAD and USD in the next 40 min. I have come up with two possible scenarios for the currency.
Scenario 1 is in the case of a full upward breakout, with a resistance zone.
Scenario 2 is in the case of a full downward breakout.
Both of them have a downward overall target level.
note: the target level will be no longer target for scenario 1 in the case of an establishment of a new high!
I have left the market prediction neutral because of the both daily trend possibilities.
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