The USDCAD has experienced a bearish breakout through the Channel Up support. The aim is to reach 1.3415.

The trading setup was spotted on the USDCAD pair. The USDCAD price has breached the support line of a Channel Up pattern as of 12AM on March 8, 2024. It’s predicted that there might be a bearish price trend for the next five days, possibly moving towards 1.3415.

The pattern’s overall visual quality is moderate. The uniformity rating is high, implying that the price changes are fairly consistent throughout the pattern’s formation. The trading setup is evident, with minimal noise during the price fluctuations between support and resistance. The support breakout was notably weak. It might be wise to wait for more evidence of this breakout before initiating a position.

Keep in mind that the USDCAD price could be highly volatile during economic events that occur within the forecast period. Specifically, the following events have historically caused significant volatility in the USDCAD pair:
– Canada Unemployment Rate, United States Unemployment Rate, United States Non Farm Payrolls on March 8 at 13:30 (UTC)
– United States Core Inflation Rate MoM, United States Inflation Rate YoY, United States Core Inflation Rate YoY, United States Inflation Rate MoM on March 12 at 12:30 (UTC).