USDCAD, Triangle-Formation, Major Breakout, TARGET-ZONES!

Welcome to my new analysis about USDCAD on the 4-hour timeframe perspective. In the recent times the USDCAD price-action could emerge with a strong bounce to the upside from the origins at 1.31 showing up with great volume and a propensity to continue the established bullish momentum dynamic. In such a case it is necessary that the price action continues with appropriately enough bullish momentum that further continuations have a higher possibility to show up. With the current dynamic I have detected important signs that should be considered with the USDCAD forex pair and can have an significant impact on the next price action. 

As when looking at my chart USDCAD moved above the 35-EMA, marked in blue in my chart, with the recent bullish price moves and could stabilize above this important EMA with continued bounces off this EMA. Furthermore, USDCAD is now forming a highly interesting formation above the 35-EMA, which is a major ascending-triangle-formation and such a formation is known for the potential to convert into a substantial continuation once it has been completed. The price action already continued with the wave-count within the ascending-triangle-formation and is now setting up this great bullish candle bouncing into the upper boundary of the formation indicating a final breakout is about to take place in the next times. 

Taking this into the perspective, once the breakout has emerged it will point to the final confirmation-setup as it is marked in my chart and it will activate the further continuations as well as the activation of the target-zones will take place. In this manner, the extension of the wave-counts exceeding the breakout-area will take place and depending on the momentum of the final breakout it will only be a question of some time till the final target-zones will be reached as they are marked in my chart. 

Once the target-zones have been reached it will be interesting on how the price-action continues from there on because if the price-action is showing up with a substantial momentum finally moving into the target-zones this means that a continuation above the target-zones has a major potential. We will keep having the symbol on our watchlist and see how the price action develops to rightly adjust our watchlist position for the symbol. #OPINIONLEADER#