#USDCAD Inside a Triangle Pattern
🔹For the past 8 days the USDCAD pair has been trading sideways hugging the 50 MA (1.359) and the support line of the triangle pattern that the pair has been trading inside of since April 16.
🔸Even tho other major pairs gained strength against the Dollar in the last few days due to DXY taking a nose dive from 105.162 to 104.030 a 1% decrease in just a few days, USD has remained stable against the CAD.
🔹The pair is currently trading between it's 50 MA (1.367) and the 200 MA (1.355), any weakness in the CAD would help USD to take over and send the price up to 1.376, 1.378, 1.385, 1.389 and 1.397.
🔸But on the other hand if the price breakout below the pattern and the 200 MA (1.359) the price can drop to the 0.5 fib level (1.351), 0.61 fib level (1.343), 0.78 fib level (1.332) and the support at 1.31819.
Zanzibar Trading
🔸Even tho other major pairs gained strength against the Dollar in the last few days due to DXY taking a nose dive from 105.162 to 104.030 a 1% decrease in just a few days, USD has remained stable against the CAD.
🔹The pair is currently trading between it's 50 MA (1.367) and the 200 MA (1.355), any weakness in the CAD would help USD to take over and send the price up to 1.376, 1.378, 1.385, 1.389 and 1.397.
🔸But on the other hand if the price breakout below the pattern and the 200 MA (1.359) the price can drop to the 0.5 fib level (1.351), 0.61 fib level (1.343), 0.78 fib level (1.332) and the support at 1.31819.
Zanzibar Trading
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