Nothing cannot go down forever! Long USDCAD for dollar bounce
As I said nothing cannot go down forever as well as USDCAD, this pair has been going down for sometime with no bounce because the fundamental between US dollar and CAD dollar. However, I believe that it time for USD to bounce next week despite it look like nobody do not want to hold USD anymore. Let's look at the chart this pair has been decreasing within the beautiful downtrend channel and eventually last week the price was broken that trend line. Although after breakout the pair comeback to it lower zone again, however I think this is a good opportunity to bet for this pair to go up with good R:R.
My target point is at the next down trend line as show in picture.
My target point is at the next down trend line as show in picture.
Note
I am updating the chart. Look like the pair is going to my target. Additional to the chart I move my stop losses along with this parallel channel.
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.
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.