USDCAD: Triangle Formation Poised for a Breakout

USDCAD appears to be consolidating in the form of a triangle pattern. Based on my wave count, the pair is currently completing Wave D within the structure. And, after Wave E concludes and there is a confirmed break above Wave B, I anticipate further upward movement.

Triangles often signal a pause in the market before a continuation of the prevailing trend. In this case, the bullish breakout scenario aligns with the broader market dynamics.

Should monitor the completion of Wave E and watch for a decisive breakout above the resistance formed by Wave B, as this will confirm the upward trajectory and provide an opportunity for long positions.