usdcad price technical view

USDCAD PRICE TECHNICAL ANALYSIS

FROM MY LAST UPDATE:USD/CAD stays neutral. Consolidation from 1.2797 could extend.  break of 1.2280-1.2340 will bring deeper pull back,first you should expect to 1.2130 area and from there to 1.1930-60 area in the other hand break up 1.2510-70 area could lead to 1.2930-60 

if you will look closely you can see on the chart that there is Descending triangle that could turn into a reversal pattern, either to the upside or downside,the chart below shows a succession of lower highs on a weekly chart forming a downtrend line but with lows stalling around 1.2280-1.2340 to form the flat side of a triangle. 

Prices could reversethe downtrend line by moving above 1.2510-70. On the other hand, a price break below the flat side of the triangle around 1.2280-1.2340 could be an ominous sign for a further move downward to the levels I had mentioned 

i think that if the oil will break again on daily basis the 50 area it will come with break up the upper levels in the usdcad ,if not and break up 54 area then it will come with nore downside in the usdcad
update for 16.4.2015: we see that finally usdcad broke down the pattern ,now we need to focus on the price
below 1.2380 we headed to 1.930-1.2050 
good luck 

usdcad

cad

This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice