USDCAD - Potential Sideward MovementUSDCAD is consolidating so we may see it move sideways for a while
Usdcadneutral
USDCAD's BEARISH movementAs you can see there was an uptrend which was broken and after a pullback we're expecting a touch to our next weekly supporting zone
USDCAD bullish potential If the resistance area around 1.25x is broken and we get a confirmation, there could be a strong bullish potential, in a longer time frame.
Where does it want to go?USDCAD is trapped in a wedge. Do we know where to go? As of now "NO". Lets see which way it breaks out and then decide.
USDCADClearly, the dollar is gaining against the Canadian dollar and long USDCAD is a bit crowded at the moment. Moreover, we have upcoming Canadian economic growth (GDP) coming out this week which is expected to be stronger than the previous period at 1.5 percent from 1.1. percent. That is still pretty weak though, it doesn't come out until Friday, and there is plenty of other pressures, event risks, and themes that will likely play into trading this week. Overall, a weekly trend trader should go long while one expecting worse news in the global growth slowdown story to short. For those a bit cautious, just stay put however my general assessment is short.
If you want to find more of my charts and analysis, please check out my content at www.anthonylaurence.wordpress.com
break h4 trendUSDCAD break H4 uptrend with an impulsive wave, and the price arrived to a massive support/resistance zone. If it break the support open short position with TP: 1.29
If the price didn't break the support zone, and rebound open a long position where TP is: 1.36
