Hello Fellow Global Forex Investor/Trader, Here's an Outlook for USDCAD!
Fundamental Drives -According to India Times, BRICS (Brazil, Russia, India, China, and South Africa) Nations are in the process of creating a new medium for payment that back by gold and other commodities such as rare-earth elements - They are attempting to ditch U.S Dollar and push back against America's dominance.
Price Action Analysis On the H4 Timeframe, U.S. Dollar / Canadian Dollar has broken out of the distribution phase, confirming the start of the Markup Down Phase or Bearish trend. USDCAD made an Ascending Broadening Wedge (ABW) and ABW commonly indicated a selling opportunity. The MACD Indicator starts making a death cross which signifies a possible downside movement to the target area.
All other explanations are presented on the chart.
The roadmap will be invalid after reaching the target/resistance area.
Support the channel by smashing the rocket button and sharing your opinions in the comment below!
"Disclaimer: The outlook is only for educational purposes, not a recommendation to put a long or short position on the USD/CAD"