USDCAD: Triangle and Different Trade Opportunities

Look at this wonderful daily chart. The market formed a triangle pattern and it gives us plenty of different trade opportunities.

For example, if the price bounces from the bottom line of the triangle, which acts as a support, it will be possible to buy using reversal signals from the hourly and lower timeframes.

If the price breaks the support, it will be possible to sell following the breakout. The sellers will have the main target at SMA100.

If the price bounces from the support and reaches the local downtrend line, which is the upper line of the triangle, it will be possible to sell using reversal signals from hourly charts.

If the price breaks the upper line, it will be possible to buy fowl long the breakout signal.

All trades must be used with stop orders, which should be placed below the local swing lows for buy trades and above the local swing highs for sell trades. Risk per trade must be no more than 1-2% from the capital.



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.