Pennant - UCAD

21 בנוב׳ 2023Here I have USD/CAD on the Daily Chart! Price has been creating Higher Lows into Lower Highs which is outlining a Pennant Pattern!

Important factors to mention:
The High price created at the First Touch of the Falling Resistance was unable to stay above the Previous Highs made on Oct. 13th '22 and Mar. 10th '23 and seems to be struggling with this Resistance at 1.38621.

The USD has been severely falling since last weeks news on CPI BUT could potentially find support at this 103.0 area like it did last time it was here on Aug. 31st!

Fundamentally this week:
USD - FOMC Meeting (Tues) Unemployment Claims (Wed) Thanksgiving* (Thur) Flash PMI (Fri)
CAD - CPI (Tues)

My bias on the pair at the moment is neutral due to the Heavy flow of News this week and the impact it all may have. WAIT for price to give a PROPER break of either the Falling Resistance or Rising Support!

*Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!!