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  • Canadian Dollar Price Outlook: USD/CAD Coils After Loonie Breakdown

    From dailyfx.com

    The month of March was a big one for USD/CAD, and there were a number of as an extreme dose of risk aversion pushed a flight-to-quality in the US Dollar; and numerous actions taken at the Bank of Canada helped to continue the theme of Loonie weakness that’s been so present through 2020 trade so far. While the US Dollar had gained as much as 8.8% last month, USD/CAD had moved up by as much as 10.2%; highlighting that additional CAD weakness that helped to push USD/CAD up to a fresh four-year-high. The pair came very close to taking out the 17-year-high, falling around 21 pips short of re-testing that level before ... (full story)

How much of the CAD depends on the clink in this picture?

Attached Image
USD/CAD need to drop for filling the gap
That little gap a month ago? meaningless. EURUSD gap was unfilled 3 years...
USDCAD has a monthly double top and cypher pattern. So it is expected to go down. However before falling down, there are chances that it may go back up. That means we can better shorting opportunity if we are looking for one. It is creating a lot of patterns to give us great opportunities. Here is my full top-down analysis:

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Quoting YYZ
That little gap a month ago? meaningless. EURUSD gap was unfilled 3 years...
EURUSD gap ate so many accounts back there, fortunately iam not “gap must be filled” trader
Quoting vikinsa
USDCAD....It is creating a lot of patterns to give us great opportunities: https://youtu.be/Qi7dlk1AbP8
so which pattern to chose of so many ( a lot ) ? Each pattern can be right or wrong...
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  • Story Stats
  • Posted: Apr 3, 2020 4:12pm
  • Submitted by:
     Newsstand
    Category: Technical Analysis
    Comments: 6  /  Views: 13,575