A few weeks ago, USDCAD fell below the neckline of a long term (unconventional) double top. This indicates that the direction of this pair for the next few months is likely to be lower.
Often, after a breakout from patterns like this, prices retrace to the neckline before turning back and continuing the trend. That is exactly what happened today, and therefore forms a good place to test the downside of this pair.
What do you think?
Thanks for reading, any feedback is much appreciated!
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Disclaimer: These are my ideas only and do not constitute investment advice. If you place any trades listed here you are doing so at your own risk and I hold no responsibility for any losses. Please pay attention to your risk management.