Bearish Pennant Formation on CADCHF?
Uppdaterad
The CADCHF is currently forming a bearish pennant, which could signal a significant downside move if the price breaks out to the downside, toward the previous swing low at 0.66 from March 2020.
This would be a similar pennant pattern (November 2022) leading to a move to the downside, with the price dropping to test the 0.68 support level.
Additional downward pressure could come from further weakness in the Canadian Dollar, especially with the employment data due to be released later in the week
This would be a similar pennant pattern (November 2022) leading to a move to the downside, with the price dropping to test the 0.68 support level.
Additional downward pressure could come from further weakness in the Canadian Dollar, especially with the employment data due to be released later in the week
Kommentera
The price is STILL trading within the bearish pennant! The longer price stays trapped within the pattern, the larger the potential move following the breakout.Still watching this with intent!
Order avbruten
pattern dragged on without the breakout anticipated
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