USDCAD - SellOff, Rally.. or both?

U.S. Dollar / Canadian Dollar (FX:USDCAD)

Updated

FX:USDCAD U.S. Dollar / Canadian Dollar

trendanalysis fundamental beyondta usdcad rally sell long nextmove forex educational

USDCAD

what will we see next with USDCAD?

If you click on my chart, hopefully you can see what I see; if not I'll guide you through it.

March 19th, 2020 - September 1st,2020 (the very start of the COVID-19 Pandemic) USDCAD's value went down an estimated 1650 pips. On September 8th, 2020 price broke out of a falling wedge pattern; therefore causing it to rally up until coming down and making its new higher low. Price began forming an uptrend once again after making this new higher low. If price startes to curve after hitting point C (1.348-1.345) we will see a sell until off past this higher low ( until around 1.295-1.3).

Trade active:

Trade 160 pips in profit; I recommend closing half your position.

Trade active:

210 pips in profit.

Comment:

I closed 75% of my position; 275 pips in profit. Move SL to entry.

Trade closed manually:

closed 375 pips in profit.

Comment:

600+ pips profit

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.