Inside technicals and chart patterns by 
I’m not looking to call a top…BUT the 30 minute chart of the USD/CAD is setting up a potential breakdown. The market cycle has transitioned to a sideways Wave and with the MACD Histogram firmly negative, the pre-confirmation is to the downside.
Crude oil will likely hold the fate of the follow through. Today’s pause in the relentless uptrend is tempered only by the bit of strength in today’s crude oil trading; currently crude is at 68.05.
If the climb can take us higher towards 70, there’s a good chance that the consolidation here in the Canada will turn into a break lower on this short term 30 mnute chart.
Just remember that the only reason I am looing short is because of the negative MACD-H that is accompanying the sideways price action. If the MACD-H goes positive then it’s a pre-confirmed buy waiting for the trigger.
The trigger is if price can break first, the 55EMA and then the green horizontal support line I have drawn.
- Raghee