USDCAD Cup & handle formation

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I'd be expecting a pullback in USDCAD before a breakout. The cup & handle pattern is a bullish indicator. At this time, USDCAD is up against a heavy Daily resistance area. A short term SHORT play has set up, as the 1Hr chart has formed an ascending, which is a common reversal signal when up against larger time frame resistance.

PURPLE lines notate profit zones in either direction you chose to take. Playing both sides of this move is certainly possible.

CONCLUSION: Short term SHORT play, long term LONG...