Loonie Dollar possibly aiming high
Alright guys, USDCAD might be heading high, here are my reasons to expect further deterioration of CAD against USD:
1- Inverted head and shoulders pattern spotted
2- We have been long inside the falling wedge (The ABCD triangle) and we are on the brink of breaking out, although we need a daily closing price outside the upper border of the triangle
3- Let's just say that Canada felt the recession worse than USA did
When to buy USDCAD?
I will say it again, wait for the price to break out of the wedge however, we have one confirmation from the head and shoulders but it would be great if we just have another.
What are the targets?
Look at the white horizontal lines, lower one must break to pave way for the higher white line
Best of luck and happy trading :-)
1- Inverted head and shoulders pattern spotted
2- We have been long inside the falling wedge (The ABCD triangle) and we are on the brink of breaking out, although we need a daily closing price outside the upper border of the triangle
3- Let's just say that Canada felt the recession worse than USA did
When to buy USDCAD?
I will say it again, wait for the price to break out of the wedge however, we have one confirmation from the head and shoulders but it would be great if we just have another.
What are the targets?
Look at the white horizontal lines, lower one must break to pave way for the higher white line
Best of luck and happy trading :-)
Trade active
Alright guys we have broken out of the wedge
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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.