USD-CAD TRADE IDEA.

WEEKLY- As you can see the price is moving in the form of impulse and correction. The price looks finally out of the huge correction and now we can look for another big impulse to the down.
Things to watch on weekly chart -
The price failed to break the previous HH and is now making continuous LH.(sellers dominate)
The price broke through the weekly trendline.
DAILY - On the daily chart we have another impulse correction impulse pattern. And the price broke the small correction.
Things to watch on daily chart -
Price was not able to break the previous high. (sellers dominate on long term)
Price is creating lower low and lower highs. (indicating start of huge downtrend)
Price broke the support level(support turns into resistance), and now price is rejecting from the resistance area. (indicating downward pressure).

How to trade? -
Don't be totally biased that price will definitely go down, and look for a continuation entry(sell trade).
If the price breaks the resistance then look for a possible buy trade.

What do i think?
I think the price could give a strong impulse to the down. But in the same time we should be ready if the price breaks the above resistance.
If it does break above the resistance then it may retest the trendline resistance.
If the price continues to move down then we will have a nice 1000+ pips move in a couple of months.
And as per my experience USD-CAD give a lot of continuation opportunities. So, be patient and look for best possible entries.

WISH YOU ALL THE BEST FOR UPCOMING WEEK.

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