amossenkao

USD/CAD on the verge of selloff

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
This week saw a rally in USD/CAD, fueled by higher than expected CPI readings. Price rallied to a bearish Daily order block before breaking structure to the downside on the one hour timeframe. My expectation is that the pair will continue the bearish trend in the coming week. I would like to see price retrace to the hourly order block before continuing to the downside. Target will be the last major swing low.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.