The Index is forming a falling parallel channel. A falling channel breakout on the upside has a good success ratio and the failure rate are less than 12%

A breakout on either side will be an opportunity to enter.

Take Long position only if the index closes above the parallel channel in a 1Hr time frame with RSI above 53, if the RSI is above 80 ignore. The pair should trade above the EMA.

Take Short position only if the index closes below the parallel channel in a 1Hr time frame with RSI below 40, if the RSI is below 20 ignore. The pair should trade below the EMA.

USD/CAD

May 23 2022