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U.S. Dollar / Canadian Dollar

Monitoring USDCAD for a Breakout

By wd1040
snapshot

USDCAD hourly has bounced up and down within this quite well defined triangle from late August. 10, 20, 50 and 100 MAs are all converging, and the TTM Squeeze indicator (Bollinger, Keltner and an oscillator) all show the pair is ready for a breakout. Base of the triangle is 300 pips, which gives a target for the first move after the break, whatever the direction.

Will the FOMC stay, raise .25% or raise .50%? I don't want to guess so I will enter this only after that major event has passed.

To the Best of Good Buys.

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