Monday, June 27, 2022

Descending Triangle pattern in USDCAD. Wait for breakout.
1 mins well spent

USDCAD Descending Triangle chart pattern

USDCAD creates a chart structure with lower highs and equal lows.

it’s moving in a Descending Triangle pattern.

let’s wait for the confirmation of breakout from this descending triangle.

In another view, USDCAD forms a symmetrical triangle in 1 hour chart

Symmetrical triangle broken on USCAD 1 hr chart
Symmetrical triangle broken on USCAD 1 hr chart

After breakout happened at the bottom level of the symmetrical triangle, market re-tested the broken level twice.

Education notes:

Symmetrical Triangle = Lower highs, Higher lows

Descending Triangle = Lower highs, Equal lows

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