USDCAD Weekly Chart Triangle Near Complete
USDCAD Weekly/Daily/4hr
The (USDCAD) continues consolidating but should be seeing a volatility surge soon as the triangle (on the weekly chart) nears completion. Before bulls get excited, they’ll want to see the USDCAD close on a weekly basis above the weekly chart triangle resistance and the psychologically key 1.35 whole figure level. For now, bulls should not rule out the probability (albeit low) of the USDCAD breaking below the weekly chart triangle support by sometime next week. Volatility will surge Friday following the release of Canadian employment and US Preliminary UoM consumer sentiment data. The escalation in the Ukraine-Russia conflict deserves close monitoring. Except for the downsloping weekly MACD, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on GBPAUD, S&P500
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