Looking at the technical picture for the USDCAD we might be nearing a good support soon, a zone where buying the trend again could be the ideal choice.
The pair has completed a double top bearish reversal formation few weeks ago, and closed below the mid-band for the Bollinger band. The move reached near the ideal target for the double top formation, but found demand at the first rising trend line.
Just below is another key longer term trend line in addition to the lower-band. Having said that, trend-followers will be eager to long the pair near that green shaded area. You can time your trade or wait for more confirmation through the lower time-frames e.g daily or four-hour charts.
The pair has completed a double top bearish reversal formation few weeks ago, and closed below the mid-band for the Bollinger band. The move reached near the ideal target for the double top formation, but found demand at the first rising trend line.
Just below is another key longer term trend line in addition to the lower-band. Having said that, trend-followers will be eager to long the pair near that green shaded area. You can time your trade or wait for more confirmation through the lower time-frames e.g daily or four-hour charts.