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Fan Yang

USD/CAD Sliding - Trade off Triangle Support?

The USD/CAD continues to coil in a triangle consolidation seen in the 4H below. You can see that another downswing can bring the pair to the triangle's support.

(USD/CAD 4H chart)

The previous 2 major lows in the 4H chart, within the triangle, were matched with oversold conditions in both stochastic and RSI oscillators. We should look for that condition again if we are thinking about buying USD/CAD after the current bearish swing, off triangle support.

Just be careful if price starts to accelerate through the 1.10 handle. Wait for some near-term bottoming price action in the 1H chart before considering buying off the triangle support.