The dollar cad has been trading in a upward channel and we expect it to continue to do so. It is in no man's land in the channel right now and can go either side from here. We're slightly bias to the downside but 1H and 4H price signals can be misleading. Proceed with caution if you want to take trades at these levels.
BEAR CASE
Price moves down from here to retest the bottom of the channel. The price we're targeting is 1.242
BULL CASE
Price fades to the top to test 1.25 before dumping down to test the bottom of the channel. I think this move will break the channel.
BEAR CASE
Price moves down from here to retest the bottom of the channel. The price we're targeting is 1.242
BULL CASE
Price fades to the top to test 1.25 before dumping down to test the bottom of the channel. I think this move will break the channel.
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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.