Baxia Markets
August 27, 2021

Pennant is building on USDCAD

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As can be seen, the price broke the Rising triangle as we expected. And the price went up to 1.293 level; it was actually beyond our expectation. The price met resistance on Aug 20th. This resistance was abrupt and powerful, so the price just went down without any struggle. The downward trend after the peak was also steep and sharp. The price broke the 61.8% level Fibonacci soon. Recently, the price bounced up again a little. 




After all the waves that the price has been through recently, the price has built up a pennant. As can be seen, the small wave on the price continues, so the pennant has not finished yet. As we know, the pennant is a breakout signal. So will the price break out this time as we expect? As we know, the breakout direction of a pennant depends on the previous trend; however, the “previous” trend here is hard to define. So let’s be patient and keep our eyes on the price line and signals.


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