USD/CAD (Loonie Pair) Mid-Week Potential Trend Reversal
For my 50th tradingview idea I've decided to make a special analysis on an old pair of mine and one of my old favs.
USD/CAD has been in a long and strong downtrend after Oil news has been positive but the largest impact was made due to a interest rate hike for the first time in awhile. Now that the trend has lost some momentum and hit a major support zone that has been previously rejected. We can expect prices to rise if we breakout of this downward channel (could see a slight retrace). However if we reject this zone and stay in the channel I expect price to move down to the major support zone and then rise. It looks like some double bottom patterns are forming.
USD/CAD has been in a long and strong downtrend after Oil news has been positive but the largest impact was made due to a interest rate hike for the first time in awhile. Now that the trend has lost some momentum and hit a major support zone that has been previously rejected. We can expect prices to rise if we breakout of this downward channel (could see a slight retrace). However if we reject this zone and stay in the channel I expect price to move down to the major support zone and then rise. It looks like some double bottom patterns are forming.
Comment:
Breakout season. After breaking the downward channel we got a retest and up.
Trade closed: target reached