USDCAD - a year long downtrend, what next??
It was on 19 March 2020 that USDCAD began declining from 1.4668 and now we have arrived at 1.2080. We do have another low down below in the 1.1955 area but for the past 10 days, price is unable to break down. Instead it is consolidating in a 140 pip range.
We should also take a look at price action on a lower time frame ( chart below):
s3.tradingview.com/s...shots/q/QP1gmV2b.png
You could say that we have a quadruple bottom, thus we should expect a significant rise in price. I would argue that we still have not seen a sequence of higher lows and higher highs. Until that happens, we should remain bearish.
I am looking for an opportunity to take a short at the top of this range, unless there is evidence to the contrary.
If you like my analysis please give it a “thumbs up” and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.
We should also take a look at price action on a lower time frame ( chart below):
s3.tradingview.com/s...shots/q/QP1gmV2b.png
You could say that we have a quadruple bottom, thus we should expect a significant rise in price. I would argue that we still have not seen a sequence of higher lows and higher highs. Until that happens, we should remain bearish.
I am looking for an opportunity to take a short at the top of this range, unless there is evidence to the contrary.
If you like my analysis please give it a “thumbs up” and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.