Maveric12

A Trade against the trend?

Short
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
Typically i dont advocate trading against the trend. However in this case we might have a reason to. Price seems to have hit some resistance from 2020, and rejected going higher july 14. we are at a decision point. the stochastic is showing a bit of a squeeze that suggests price may fall, resistance in price forming a double top. looking back on 2016 and 2018 we see similar long term patterns that suggest price over time will fall. Its not a trade I will take but could be interesting to watch.
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.