Forex Forecasts: USDCAD and the right triangle pattern
After the big drop that the dollar-Canadian pair knows, the pair is moving inside a triangle based on an hourly frame, and thus awaiting the realization of one of the scenarios.
The first is a breakout of the upper leg of the triangle and the pivot point of 1.2825 and pushes the pair to the upside, and that is supported by the pair’s failure to break the bottom at 1.2775, and forming a positive butterfly harmonic pattern.
As for the second scenario, it is breaking the bottom 1.2775 and closing below it, which pushes the pair further down.
The first is a breakout of the upper leg of the triangle and the pivot point of 1.2825 and pushes the pair to the upside, and that is supported by the pair’s failure to break the bottom at 1.2775, and forming a positive butterfly harmonic pattern.
As for the second scenario, it is breaking the bottom 1.2775 and closing below it, which pushes the pair further down.
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