The USD/CAD Range Continues

And it is a rather wide range, which, however, is slowly tightening.

If you add the trendlines it looks like they form a figure that very much resembles a symmetrical triangle. And while there is a resemblance, we cannot be absolutely sure that it really is one.
For any triangle to be valid and for its limit to be reached it has to fit a lot of criteria – criteria for the number of waves, highs and lows within it, for number of the waves within each wave, as well as where there should be a breakout.

As you can see on the chart I have attempted to mark the supposed highs and lows and if this is truly the correct scenario, there should be a breakout to the downside. Still, this figure could lose its form and turn into something completely different at any given moment.

Either way, this figure is forming on the daily time frame, which means that it will take days before it is finished and before there is a breakout, during which time we have to follow how it is forming, so we can trade this. Until that time we will have to do intraday trades, because the picture isn’t clear yet.