Autochartist Forecast

The 15 minute chart is a short term look at the psychology of a pair.  The culmination of these short term moves creates a longer term trend or lack of trend. 

The USD/CAD has stalled and is trading within a range across the intraday time frames.  This means that watching for consolidation and congestion chart patterns like triangles and rectangles will offer insight into potential breakouts or breakdowns.

The highest touch point (H) of the downtrend line is near the 1.680 minor psychological level.  This could inhibit the break higher even though prices have broken the downtrend resistance line (R).  The Initial Trend reading (T) is low which confirms the sideways market cycle.  However, due to the lack of an upside follow-through there is a good chance that this cycle is distribution which will mean that highs are likely to fade.

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