The markets have been very slow to kick off this week, Wednesday is usually a good mover however. The market seems to be hanging out for the FMOC statement at the end of this New York session. These statements can generate more volatility than NFP at times, so be vigilant.
Due to the quiet trading start to the week, the market has taken pause here and created a double inside day setup on the daily chart of the USDCAD.
Double inside days are a nice catalyst for strong breakouts and one of my favorite setups. If the Fed statement supports a strong USD, we could see this market explode upwards out of this consolidation pattern.
Just make sure you’ve got your money & risk management hat on for this one in case it doesn’t play out your way.