Youza
Short

USDCAD Weekly outlook 19.08

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
OANDA:USDCAD

USDCAD weekly outlook:

Seen a recent double top formation with a strong uptrend holding. Naturally, we are looking to break this line and rally back to support levels. We still have to consider further bullish control if we break above the highs.

- To be a bull in this pair we are waiting for a break of trend and target previous levels. USD is likely to be having a rate cut in the very near future which further supports a bear break. We need to confirm.

- To be a bull on this pair we can look for bull failures from the moving average. Although we have seen a triple top, there is still scope to head north. USD will be busy so price action will need to follow for opportunities.
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