Get started
FX618Analysis

USDCAD: DXY Likely To Consolidate Before Major Uptrend Resumes!

Short
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
FX618Analysis  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Chart Patterns Technical Indicators USDCAD loonie DXY short consolidation Relative Strength Index (RSI) divergeance
0
0
trendanalysis chartpattern indicator usdcad loonie dxy short consolidation relativestrengthindex divergeance
DXY is Bullish on long term, however after another upwards impulse it looks like time for consolidation has likely arrived. Here we focus on the USDCAD 4H chart, where the price seems to be loosing momentum as evident by the RSI & naked eye. The key here is to of course as always wait for the support break and then only go SHORT provided the price retraces to offer us at least 1:1 RR. Have a look at the chart for full details on this potential trading opportunity.

Keep in mind, this is just a potential short consolidation move, after which the uptrend might resume as the DXY is expected to gather strength.

Trade Safely & Cautiously. Cheers

Related Ideas

FX618Analysis
BUY THE DIP: Inflation Month Is Back. USDCAD Likely To Rise!
FX618Analysis
EURUSD LONG: Trade Carefully As Sellers Might Ambush Anytime!
FX618Analysis
USDCHF: Stubborn Franc Likely To Depreciate Vs The Greenback
FX618Analysis
Strength To Strength DXY: Loonie Set To Depreciate Further
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.