USDCAD Beautiful long-term pattern tells you what to do next.
The USDCAD pair has been on a relentless bullish run since the week of July 10 after almost touching the 1W MA200 (orange trend-line) and making a bottom on the +2 year Higher Lows trend-line. This rise will now face the first selling pressure point, the Lower Highs trend-line of the October 10 2022 High.
Following a 1W MACD Bullish Cross, if a 1W candle closes above this Lower Highs trend-line, we can see a hyper-aggressive rally towards the 1.46900 Resistance. In that case, we will buy the closing and target 146500.
If however the candle gets rejected and closes instead below the Lower Highs trend-line, we will sell towards the Higher Lows trend-line again and target 1.32550.
The pattern technically resembles the December 2018 - February 2020 sequence, which was also rising on Higher Lows, had a correction under Lower Highs and after hitting the 1W MA200 and breaking below the Higher Lows, it shot upwards to the 1.46900 Resistance.
Basically the wider outlook (big picture) of USDCAD is very informative for long-term trend projections as it is quite symmetric, trading within a 1.46900 Resistance and 1.20180 Support since January 2016.
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Following a 1W MACD Bullish Cross, if a 1W candle closes above this Lower Highs trend-line, we can see a hyper-aggressive rally towards the 1.46900 Resistance. In that case, we will buy the closing and target 146500.
If however the candle gets rejected and closes instead below the Lower Highs trend-line, we will sell towards the Higher Lows trend-line again and target 1.32550.
The pattern technically resembles the December 2018 - February 2020 sequence, which was also rising on Higher Lows, had a correction under Lower Highs and after hitting the 1W MA200 and breaking below the Higher Lows, it shot upwards to the 1.46900 Resistance.
Basically the wider outlook (big picture) of USDCAD is very informative for long-term trend projections as it is quite symmetric, trading within a 1.46900 Resistance and 1.20180 Support since January 2016.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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