SamKent

USD/CAD 2 Way Pattern

FX:USDCAD   Dollar A.S. / Dollar Kanada
5
The USD/CAD 4H chart is trading inside a wedge formation. In terms of the overall market structure, we're still in a bull market, with the ascending trend-line coinciding and serving as support alongside the kumo cloud. However, we've got a cross-back from overbought on the slow stochastic, as well as some big bearish engulfing candles in terms of the inner pattern price action. Therefore, Our current assessment is to wait for a breakout higher to go long or a break lower to go short, as we have no major bias on the pair technically speaking.

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