AUDCAD potential Long trade setup

Oct 9, 2020

We can expect a big move to the upside when price breaks out and closes above triangle! Price is currently hovering around the 0.95000 level. Price can maintain a tight range inside apex of triangle during this accumulation period, gathering momentum that will serve as fuel for a strong move after a breakout-----(in any direction, mind you!). It is important to note the triple bottom formed by price on support of triangle around the 0.94500 level as clue of buyers presence around that area. Note worthy also is the fact that price has not made a new higher high since descending from resistance around the 0.95800 area. A legit move to the upside however can only be confirmed after a break and close above 0.95000 resistance level. On the fundamental side of the coin, CAD employment change and unemployment rate news came out positive for the currency. This can be an indication of strength for the currency, at least for the short term, so it wouldn't be improbable for the pair to range for a bit before making a significant move in any direction. Of course, this set up is for the coming week as we've come to the end of this trading week so, ensure to keep this pair on your watchlist in anticipation. Please comment below, I want to know your take on this analysis and this setup. Cheers!