USDCAD SHORT A Very Simple Structure play here with strong resistance on this level since the end of October.
Looks like a pretty simple long trade with USDCAD fluctuating between this upwards channel on the 15m Time frame.
I'm seeing signs suggesting that the Canadian dollar, which has been strengthening over the past few weeks, is now getting ready to reverse and decline in value. For many CAD pairs like AUDCAD, GBPCAD, or USDCAD, this means a long opportunity is information. In the case of this particular chart, we are seeing hammers forming off a support level, at a 50%...
I'm long biased Canadian $ because of oil prices and the situation in Iraq, plus you can see the levels moving higher and staying above the previous level. I'm expecting a quick spike up to the sell zone because of Iraq in the coming weeks.