Usdcabuy
USDCAD 4HTHE #USDCAD pair which is direcly negatively correlated with oil is expected to go for long in the coming days based on possible non rate change of the CAD which is ecpected tomorrow, thereby recovering from the slump yesterday due to USD data
Daily Outlook on USDCADHi guys,
as you can see in this chart price has already broken and closed above the last structure level looking left. What does it tell us? It tells that the trend is confirmed bullish and therefore we're going to look for trading opportunities only in that side.
As always, we don't want to chase price action, instead we wait for it to come in our comfortable zones in order to gives us a better risk to reward ratio.
The yellow zone represents for me the best scenario to long this market, since you should know that the more the price retraces the weaker the overall trend.
I'll keep you updated!
If you want to ask questions or share your viewpoint, go ahead and comment below.
Otherwise, see you in the next chart!
