USD/CAD Long Idea - Multiple Time Frame Analysis

13 Apr 2020

On the Daily/4hr a Descending Triangle can be seen. Started forming over 2 weeks ago. Well boys and girls, the breakout is near! Long or short? Let's take a look. The current trend is bullish, though a descending triangle is Bilateral, a continuation of the trend is highly likely. Let's go down to the 1hr and see what the lower time frames look like. Right off the bat I see price is making Lower Highs and Lower Lows (a falling wedge) as it pushes further into the wedge. A Bullish Falling Wedge is where the pattern forms from a downtrend, in this case the descending triangle on the daily, and reverses the trend in the opposite direction. Also confirming a long from the descending triangle on the higher time frame. Last but not least I check my RSI and see a Regular Bullish Divergence indicating a reversal as well. I don't have an entry on this one yet, as is can range in the wedge a little more but this is definitely one to watch!
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