USDCAD broke down through the descending triangle as presumed. We are now forming a smaller symmetrical triangle that typically has a 50/50 chance of breaking up or down. If we broke up, we face formidable resistance at the .382 dead cat fib and retest of the triangle support line, now turned resistance.
If it does break up, and hits resistance at the triangle, this could set up a very nice Risk/Reward setup. If it breaks down, I would expect some more retracement to the golden pocket of the larger movement, and possibly down to the final projected target for the descending triangle shown by the pink line.
If it does break up, and hits resistance at the triangle, this could set up a very nice Risk/Reward setup. If it breaks down, I would expect some more retracement to the golden pocket of the larger movement, and possibly down to the final projected target for the descending triangle shown by the pink line.
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Target almost reached and closed. possible double bottom forming