First off, I apologize for the busy chart above! In my excitement for the very important support that (looks like) will hold after the break out of the sideways channel and the pattern sellers have taken profits - there seems to be a fresh supply of buyers.
Very important is the price that the sellers took profits because it is significant support / resistance line in the past (as indicated by the thick grey lines). If this price holds, my opinion is that USDCAD will rise until the next .
You can see we have a possible pattern in development, as well as a possible . The best part? If this price holds, both of the aforementioned patterns are supposed to sell within the same price reversal zone! Let's see how price action develops over the next few days and we will revisit this idea with a trade opportunity.
As always, if you enter a trade make sure it is because your strategy confirms it. Good luck and happy pippin!!
Trade with care and follow your own rules when trading. Risk management is important in forex trading. FYI my ideas are not signals. Cheers!