BOAFX

Long term analysis USD/CAD

FX:USDCAD   U.S. Dollar / Canadian Dollar
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As you can see we have an interesting double top that dates back to 2016 we are reaching a critical point in that pattern that could result in a huge downside move to 09500. Alternatively, a break out of the current downside channel which has already been whipsawed could see a return to the tops to create a triple top. The fundamentals point to a stronger dollar. However, there is also consensus on oil resting above $80 a barrel so there is potential strength for both currencies. When it comes down to either side breaking out a strong move in volume will be required and a new high or low showing support or resistance before taking the trade. Watch the hourly chart analysis updates for more info in the coming weeks!

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