Inside technicals and chart patterns by 
Between the Wave and a hard place: I’ve been playing the top just beyond 1.3000 on the USD/CAD and there have been plenty of reasons to keep an eye on this level as the canada continues to congest between the Wave and the ceiling.
Prices are trading on the strong side of the Wave and price has been respecting the support of the uptrend line where the USD/CAD is trading now.
There really isn’t a current set up on the daily canada as prices are far south of the 3000 ceiling. There are however opportunities amid the weakness on the 60 and 240 minute charts. The 240 is setting up a swing short off Wave resistance. The clock angle is not a great four to six o’clock angle but there is decent resistance at the 34EMA low.
The 60 minute chart is heading sideways and setting up a momentum play. In any sideways market scenario be ready for a break to the up or downside. Currently the the MACD Histogram is positive but that doesn’t mean it will be there if or when prices break out of the consoldation.
