USDCAD 4H Short
Updated
This pair is showing a nice setup for a big downward movement on the 4H and 1D charts.
The price of oil has been bullish lately, which is good for the CAD, but make sure to keep an eye on it as it may start retracing pretty soon.
Conversely, the USD has also been bullish but we have not seen a ton of action in this pair in the last week. From this, we can conclude that the CAD has been relatively even in terms of strength since the pair has traded this week (Apr 22, 2018 – Apr 27, 2018) in the 1.28xx - 1.29xx range.
However, I expect the DXY to make a downward movement next week, or for the CAD to have its strength from 3 weeks ago renewed, to fuel the downward motion of this pair.
Keep an eye on USOIL, DXY, and CXY if you intend to trade this.
Do your due diligence before trading!
The price of oil has been bullish lately, which is good for the CAD, but make sure to keep an eye on it as it may start retracing pretty soon.
Conversely, the USD has also been bullish but we have not seen a ton of action in this pair in the last week. From this, we can conclude that the CAD has been relatively even in terms of strength since the pair has traded this week (Apr 22, 2018 – Apr 27, 2018) in the 1.28xx - 1.29xx range.
However, I expect the DXY to make a downward movement next week, or for the CAD to have its strength from 3 weeks ago renewed, to fuel the downward motion of this pair.
Keep an eye on USOIL, DXY, and CXY if you intend to trade this.
Do your due diligence before trading!
Note
Note
Looks like we had a breakout above. Stop loss triggered. USDCAD seems to want to finish it's upward movement.I'll be waiting for 1.306xx before considering re-entry on a short.
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