$USDCAD - Wait for the breakout from flag

Hi guys! 👋🏻

🔔 USDCAD continues the correction after a substantial growth on November 9. The pair is consolidating between $1.30900 and $1.30494.

🔔 On a 4-Hour chart USD/CAD has formed a bullish flag pattern, breakout from which will signal a bullish continuation. And the triangle on RSI is getting smaller and smaller, leaving little space for fluctiation and bullshit.

🔔 The bearishness of Dollar/Canadian is also endorsed by Moving averages, both simple moving averages of 100 and 200 and an Exponential MA 50 are above the current price.

🔔 The US Dollar is still bearish against the Canadina Dollar since March 2020, where there is one scary pattern I'm tracing since then on a monthly chart - double tops.


🔔 Fibonacci levels on a 4-Hour chart demonstrate the importance of the $1.30180 support level. Only when USD/CAD closes above $1.31000 it will proceed further towards $1.32000 and beyond.


🔔 Bullish continuation of the pair may be backed by the strong US data tomorrow.

✊🏻 Good luck with your trades! ✊🏻
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