USDCAD DOUBLE TOP BREAKDOWN WITHIN A SYMETRICAL TRIANGLE

5 Ağu 2019

The USDCAD has been on ascendancy for the past couple of years until the early year of 2016 when it peaked out @ 1.467 area. it has been making lower highs since it peaked out at 1.467 area and any advancement had been capped and met by supply at 1.3645 area. This has led to an emerging symetrical triangle formation... Recent price action has produced and confirmed a double top on the weekly chart which suggest an imminent breakdown of the USDCAD with a favourable risk to reward ratio of about 1:6... A look at the daily chart has broken and retested a minor rising trend line and the friday close also produce a bearish pin bar... With all these price action that we are seeing we believe the pair will break down and favour a short position around 1.323 area with multiple targets along the way...

Target 1 @ 1.31240
Target 2 @ 1.30194
Target 3 @ 1.29141

Please note, this is not an investment advice...

Lets see how the trade unfolds. Feedback are warmly welcomed.

CHEERS!!!!!