USDCAD – anticipating the break of the triangle

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I’ve been following this pair for some time now and already had intraday setups but I think this triangle formation is about to be broken so it’s worth paying attention to and put it on the watch list. Regardless of the direction of the break i will try to join, and here is the plan. Keep in mind there could be low volatility because it is NFP week. It is also important that the D1 chart shows hidden bullish divergence already, so if the break happens to the down side, the move might be limited, and further continuation up may follow.

Technical Overview:
D1 – triangle/wedge

Entry:
H1/H4 – Wait for the break to happen. You can join either with the momentum or once the break is confirmed (break, re-test, continuation).

BUY SCENARIO
Target 1: 1.2750
Target 2: 1.2900
Stop Loss: below the broken up trend line and resistance

SELL SCENARIO
Target 1: 1.2200
Target 2: 1.2100
Stop Loss: above broken trend line and support

Video Explanation:

Yours,
Vladimir

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