USDCAD Analysis

USD has tanked almost 9% against the CAD, naturally after experiencing a move like that you would expect some pullback and profit-taking. This has been the case and along the way price has created an ascending triangle formation - this pattern indicates when the structure is broke, by creating a higher high - further upside will follow. We are hoping that there is a pullback into our yellow zone for us to enter into a buy position with low risk and high probability. We are also using our DXY analysis as a confluence to support this trade.