USDCAD managed to break minor structure to the downside however major structure of higher timeframes have not been broken. With that being said, if UC fails to break above this level it will then continue to the downside. I personally do not like to trade this pair as much because of the often fakeouts.
Note
It is important to be careful with this trade because of the correlation of UC and oil.Note
Tomorrow is non farm payroll and unemployment news for the US. If currently on this trade, protect it at break even and expect sudden moves which could either take you out of the trade or complete the move. Better safe than sorry.
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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.