Baxia Markets
October 04, 2021


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The price of USDCAD had fluctuated since the beginning of September; until recently, the price seemed to make a pattern. As can be seen from the 4-hour chart, the price has started to make a descending triangle since Sep 17th. Now, it has already lasted for more than two weeks. The descending triangle is usually considered a bearish signal. So now, will the price break down? 





There were two significant peaks on the triangle; also, the price tested the lower Bollinger bands twice. From the Standard Deviation, we can see that the fluctuation will be big. The MACD made a death cross around zero level and then turned down, which was no doubt a bearish signal. Ichimoku cloud went down but still above the price line, bearish signal again.


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forex, trading conditions, technical analysis, trading indicator

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