• Dec 6, 2024
  • Trade ideas

USDCAD: Symmetrical Triangle

USDCAD, H4

USDCADH4.png

USDCAD is navigating within a symmetrical triangle and is sandwiched between between 1.4070 resistance and 1.4020 support.
The MACD histogram crosses the 0-line down, however the 100-MA giving an extra layer of support for the asset, giving a mixed sentiment.

  • If the price breaks above the 1.4070, it will trigger a rise to 1.4140 resistance.
  • However, breaching below the 1.4020 will drop the asset th the 1.3940 level.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul