usd cad made a fake breakout

most likely usdcad made a fade breakout of the long standing channel.

many traders believe is will go much further down now or after a small retracement.

i see here a strong, yet fake breakout. in order to complete the pattern it needs to break above at least of one of the weekly highs, and then the pattern will be completed to go down.

so, long, then short.

Note

within the last two years it was all the same. first usdcad breaks previous high, only after that it goes down.

Note

the usdcad could dip a little further. if that happens without prior retracement that will only confirm north direction.

Note

on hourly and h4 time frames there were no big impulses last week for usd cad.
yet the weekly range was significant compared to previous weeks.
usdcad takes time now to get some rest before next moves.

Note

so far it goes according to analysis.

alexey-m

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alexey-m