usd cad made a fake breakout
Updated
most likely usdcad made a fade breakout of the long standing channel.
many traders believe is will go much further down now or after a small retracement.
i see here a strong, yet fake breakout. in order to complete the pattern it needs to break above at least of one of the weekly highs, and then the pattern will be completed to go down.
so, long, then short.
many traders believe is will go much further down now or after a small retracement.
i see here a strong, yet fake breakout. in order to complete the pattern it needs to break above at least of one of the weekly highs, and then the pattern will be completed to go down.
so, long, then short.
Note
within the last two years it was all the same. first usdcad breaks previous high, only after that it goes down.Note
the usdcad could dip a little further. if that happens without prior retracement that will only confirm north direction.Note
on hourly and h4 time frames there were no big impulses last week for usd cad.yet the weekly range was significant compared to previous weeks.
usdcad takes time now to get some rest before next moves.
Note
so far it goes according to analysis.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.