USDCAD, Trading In Triangle, Possible Breakout When Confirmed!
Hello Traders, Investors And Community and welcome to the this fundamental analysis about the current price-structure we can see in USDCAD, there are some important signs at the moment which shouldn't be ignored. The overall long-term-uptrend is in the upward direction and currently, USDCAD is trading in a triangle which will be confirmed in either the down or upward direction. We are looking on the 4-hour time-frame so lets go.
As you can see in my chart USDCAD is still holding above the 400 and 300-EMA in orange and blue these EMAs are highly important in the current structure because they are holding the overall long-term-trend to the upside, by the way when we break these EMAs to the downside we can a higher likelihood is given that the overall triangle will be confirmed bearish to the downside. But at the moment the bullish scenario is more possible because we have much support levels in the range and the market looks like it wants to test the upper boundary of the triangle another time before finally breaking to the upside.
The next time we can contemplate the consolidation in the triangle-range going further firstly testing the upper boundary and secondly confirming the lower boundary, but this sideway-consolidation won't last forever, therefore, we will see the breakout coming sooner or later. Remember that the bullish scenario has to be confirmed properly with a definite break of the trend-line connected to the higher boundary of the triangle. After this breakout, we can look for a good entry on the long-side, more aggressive traders can enter immediately but to wait on confirmation will be smarter here as often times.
After the breakout has occurred we can highly anticipate that the first short-term-target at 1.42752 will be realized, when we visit this area it will be interesting how we proceed from there when we do not get significant reversal signs or bearish signals the market is ready to move higher at least visiting the middle-term-target at 1.46433. Recall that this is still a big correction that we are trading in and that we can still get bearish pressure especially when we visit the resistance but the bullish scenario increased on the short-to-middle-term is more likely at the moment, so it will be interesting how it plays out.
Thanks for watching, support for more market insight, and a good weekend, everybody! ;)
Convicition is the search for ultimate meaning.
In this manner: FAREWELL
Information provided is for educational purposes only and should not be used to take action in the markets.
As you can see in my chart USDCAD is still holding above the 400 and 300-EMA in orange and blue these EMAs are highly important in the current structure because they are holding the overall long-term-trend to the upside, by the way when we break these EMAs to the downside we can a higher likelihood is given that the overall triangle will be confirmed bearish to the downside. But at the moment the bullish scenario is more possible because we have much support levels in the range and the market looks like it wants to test the upper boundary of the triangle another time before finally breaking to the upside.
The next time we can contemplate the consolidation in the triangle-range going further firstly testing the upper boundary and secondly confirming the lower boundary, but this sideway-consolidation won't last forever, therefore, we will see the breakout coming sooner or later. Remember that the bullish scenario has to be confirmed properly with a definite break of the trend-line connected to the higher boundary of the triangle. After this breakout, we can look for a good entry on the long-side, more aggressive traders can enter immediately but to wait on confirmation will be smarter here as often times.
After the breakout has occurred we can highly anticipate that the first short-term-target at 1.42752 will be realized, when we visit this area it will be interesting how we proceed from there when we do not get significant reversal signs or bearish signals the market is ready to move higher at least visiting the middle-term-target at 1.46433. Recall that this is still a big correction that we are trading in and that we can still get bearish pressure especially when we visit the resistance but the bullish scenario increased on the short-to-middle-term is more likely at the moment, so it will be interesting how it plays out.
Thanks for watching, support for more market insight, and a good weekend, everybody! ;)
Convicition is the search for ultimate meaning.
In this manner: FAREWELL
Information provided is for educational purposes only and should not be used to take action in the markets.
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►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.