USDCAD Prep

21 Jun 2020We can see that there already was a good jump up and that the trade is back at the wedge. What we now want to see is that the trade does a breakout out of the trend that is formed. We also have to look if there will be a double top pattern because in the trend we can see that there where always higher highs and higher lows. When we look at the MACD we can see that there is also no divergence happening. This is good because that means that there will not be a trend reversal. So that also indicates that it will go up more. The only thing that we need to keep an eye out for is that when the price goes back down after the fake-out that it is able to get back out of the channel.
What could also happen is that when it gets out of the trend that it does not fake-out of the wedge but that it breaks out of the wedge. So we have to keep an eye out for that one also.

If you like what the idea please leave a like and a comment.

Important: This is just an idea that I have. I am not telling you to buy/sell anything. What you do with the information that I give you is totally up to you.