USDCAD broke it's way up to our sell target, Sell order it's active as of now. We're expecting a pull back from here for the continuation of the down of the formation of a downtrend.
Pros -
OPEC Oil production cuts keeps increasing the price of the oil strengthening the CAD.
We've reached the top of the trend line on the 4H chart.
Bears keep the price under previous trend line.
Pattern looks bearish with gaps at the bottom on the 1m and 5m charts although this might vary depending on your broker apparently.
Daily and weekly time frames look bearish with a lot of space to be filled by the bear.
US and china haven't solved their issues yet and president Trump keeps saying familiar words "Phase one its coming, China wants a deal".
Cons -
NFP came above expectations.
US geopolitical issues could affect the CAD although USD would suffer more from this.
Pros -
OPEC Oil production cuts keeps increasing the price of the oil strengthening the CAD.
We've reached the top of the trend line on the 4H chart.
Bears keep the price under previous trend line.
Pattern looks bearish with gaps at the bottom on the 1m and 5m charts although this might vary depending on your broker apparently.
Daily and weekly time frames look bearish with a lot of space to be filled by the bear.
US and china haven't solved their issues yet and president Trump keeps saying familiar words "Phase one its coming, China wants a deal".
Cons -
NFP came above expectations.
US geopolitical issues could affect the CAD although USD would suffer more from this.