USD/CAD – opening position after symmetrical triangle breakout (4h chart)

On the 4h chart at USD / CAD, low volatility and consolidation form a “symmetric triangle” figure. In this figure, it is not clear which side will break the price, but we can use it to get into position after breakthrough and, accordingly, close the bar beyond the trend line of the triangle.

If the price goes below 50MA, it is likely to break down and reach the level of about 1.37 testing and 200 MA. Going into SHORT, stop lose can be placed around 1.40.
If it breaks up and continues its long-term trend, a stop-loss may be priced at around 1.40.

USD/CAD 4h chart

 Trader Georgi Bozhidarov

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