On both the weekly and daily charts, USDCAD has met resistance and been pushed lower. Furthermore, long term CAD strength may bring this pair even lower.
We are expecting a movement down to the 1.24xx area within the next 6 weeks or so.
Some things to keep an eye on are the Trump Administration's actions concerning NAFTA, which may effect the CAD and MXN in the long term.
The last couple weeks were all about the steel and aluminum tariffs, but both Canada and Mexico have had favorable exceptions granted to them.
Do your due diligence before trading.
We are expecting a movement down to the 1.24xx area within the next 6 weeks or so.
Some things to keep an eye on are the Trump Administration's actions concerning NAFTA, which may effect the CAD and MXN in the long term.
The last couple weeks were all about the steel and aluminum tariffs, but both Canada and Mexico have had favorable exceptions granted to them.
Do your due diligence before trading.
Comment:
Comment:
Hope you all caught the short on USDCAD! Preparing to exit trades on the touch of the next support. And then we'll see where it goes from there...
Comment:
Comment:
Congrats to anyone that caught the USDCAD short and took profit at 1.26!
To anyone who did not take profit, you quickly saw your position diminish over the course of a few weeks. Money management is important, make sure you close your trades either fully or partially when you are supposed to. You should not be waiting until after the price moves 60 pips in the opposite direction to close out!
Fortunately, we're seeing a nice setup on the USDCAD again, and it seems this time it may make a potential rebound downwards towards 1.26 again.
Keep your eyes on this pair.
To anyone who did not take profit, you quickly saw your position diminish over the course of a few weeks. Money management is important, make sure you close your trades either fully or partially when you are supposed to. You should not be waiting until after the price moves 60 pips in the opposite direction to close out!
Fortunately, we're seeing a nice setup on the USDCAD again, and it seems this time it may make a potential rebound downwards towards 1.26 again.
Keep your eyes on this pair.
