Monthly USDCAD
Updated
Breakout of Symmetrical triangle leading to development of a bullish triangle and ultimately to hit August 1998 highs around the end of 2015 or into 2016.
Comment
2 and half months later, still doing its thing. Curious to see if the current uptrend of USDCAD bounces off the multi-year resistance or breaks through here in the pattern.Trade active
Pattern still on Target after 3 and a 1/2 Months. 🧐Will it punch through the upper line? 👊
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A "W" continuation pattern is forming on the monthly targeting 2016 and 2020 highs of 1.46.Trade active
🎆5 MONTHS and pattern STILL on track! 🧐JUNE 5: Bank of Canada to cut rates? Pattern is running out of runway.
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December 26-28: pattern failed to breakdown.April 16-17: failed to Breakout
June 11: again failed to Breakout
Will likely pull back to 1.365s before bouncing off support line that has developed throughout 2024.
Canada economic fundamentals horrible.
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HISTORY-Failed to breakdown Dec 23
-Failed to breakout APR 24 & JUN 24
NOW
-JULY 22, 2024 has broke through upper resistance line again (three times a charm?)
-Bank of Canada cutting again this week -Canada economic indicators a trainwreck
-should successfully breakout and consolidate above this resistance line
-markets will punish the BOC for the gap between Canada/US rates by selling the CAD... like HARD
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7 Months in the making... NAILED It!!! July was the breakout.
NOW? Back testing breakout of Symmetrical triangle.
Could bounce around for a few days in 1.370-1.375 range or ride the new support line until September.
PREDICTION: Pop to 1.46 in September.
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MONTHLY (SINCE JANUARY 2024)....
After a wild WHIPSAW in August showing another failed breakout, CCAD is now heading into the next step of the pattern.
Expect it to POP to 1.46 as a result of the (crazy) U.S. Election.
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