USD/CAD -21/03/2023-
• Symmetrical triangle on daily chart
• Descending resistance line since 2020 is limiting further gains with 3 touches now already
• W bullish formation
• Risk is more tilted to the upside given that the recent range is closer to the upper boundary of the triangle
• BOC/FED dovish divergence giving advantage to the US dollar
• Sliding oil prices putting pressure on the Loonie
• Overall, odds are on a breakout to the upside with a target of more than 2000 pips as per the measurement method
• Bulls need to also clear the 1.40 round figure
• Descending resistance line since 2020 is limiting further gains with 3 touches now already
• W bullish formation
• Risk is more tilted to the upside given that the recent range is closer to the upper boundary of the triangle
• BOC/FED dovish divergence giving advantage to the US dollar
• Sliding oil prices putting pressure on the Loonie
• Overall, odds are on a breakout to the upside with a target of more than 2000 pips as per the measurement method
• Bulls need to also clear the 1.40 round figure
Ramzi Abou Abdallah, CFTe, CMT
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