USD/CAD: Consolidation Triangle Hints Losses Ahead
USDCAD looks to be forming a Triangle consolidation pattern. This setup is typically indicative of continuation, hinting at losses ahead considering prices went into the setup with a clear bearish bias. A break below Triangle support (now at 1.0310) exposes horizontal support-turned-resistance at 1.0182. We don’t see an attractive trade setup here for the time being and will remain on the sidelines.
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