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ZakTheMak

USDCAD Short Opportunity for a Deep Retrace (50%)

Short
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
ZakTheMak  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Fundamental Analysis Beyond Technical Analysis Chart Patterns CAD USDCAD retracement retrace short canadian USD
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fundamental beyondta chartpattern cad usdcad retracement retrace short canadian usd
OPEC has recently announced deep cuts to their output quotas for oil. This has resulted in the Canadian Dollar gaining strength against many currencies as it is a major oil producing economy.

Strength of the Canadian Dollar is now evident on the USDCAD chart. I believe USDCAD will drop for a 50% retrace from it's previous impulse move.

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