USDCAD developed a bearish pennant on daily which is a continuation pattern and after last days failure to make a new high we could see the start of a big move down.
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Boom! USDCAD breaks out of the pennant after it failed to make a new high as i expected, we should see some buyers stepping in at 1.28, if not 1.27 is the next level to look out.
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USDCAD testing pennant breakout and should now continue down.
Well not from here, you could sell right on the bottom, maybe wait for some kind of retracement.
RaymondCcv
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Alright.(Y)
Nawaf6
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it didn't touch 0.382 retracement line so think of the possibility that it could go back to that level.
tonz_of_gunz
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Of course, there is always that possibility but it looks like the move up is finished, we will see:).
ztokar
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this pennant could also be viewed as a corrective structure for the bullish impulsive leading into it, right? so you would consider a bullish break also?
tonz_of_gunz
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No,only thinking about bearish drop. That "impulsive" wave its a clear abc and its inside pennant so no doesnt look like a correction for an impulsive wave up, at least not for me.