USDCAD Short-term Long or Major Correction?
USDCAD had been showing strength the past couple of days, almost nearing its EMA 800 with the hopes of re-testing it; however, due to its last market structure break for the descending channel which should have lead to a decent bullish run, it decided to consolidate even further, inevitably forming an ascending channel which is indicative of a bearish run. Should the ascending channel predominate, my TP area for short-term would be 1.264 or 1.265 before re-testing then consolidating once more.
Currently, I cannot say whether or not this is going to continue with its bull run or shift gears to the bears since there is still volume. Be wary of trading this pair and protect your port.
Disclaimer: This is for educational purposes only.
Currently, I cannot say whether or not this is going to continue with its bull run or shift gears to the bears since there is still volume. Be wary of trading this pair and protect your port.
Disclaimer: This is for educational purposes only.
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.