USDCAD- The pair has been trading between two wide supply and demand areas on the weekly timeframe.
- Previous bullish wave from the long-term support area resulted in a rising channel on the daily timeframe.
- After breaking above and out of the channel, price is consolidating in a descending triangle.
- Price action has already formed three tests of the support of the triangle.
- A breakout of the resistance of the triangle will open the way up to the long-term resistance.
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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.