USD/CAD Forex Swing Trade – Narrowing Channel

The USD/CAD forex currency pair is jostling higher in a narrowing channel.  This often means a break out and a profitable trade set up.  From the chart you can see the current trendlines which have formed, with the internal lines being the minor support and resistance and the outside lines being more important.  A break of either of these outside trend lines would provide a profit target of 200 pips from the breakout price.

Levels to be aware of outside the formation are the 1.1400 support level and the 1.1800 and 1.2000 resistance levels.

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Source: Forexyard, USD/CAD 2 Hour Chart

Please read the latest How to Use the Trade Ideas blog if you have questions. If you still have questions after, feel free to comment

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

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