dt6invest

The Mother Of All Bull Flags!!

Long
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
I'll keep this one short, but I'm targeting longs in this area. My view is that once this period of irrational exuberance in the markets dissipates and the market wakes up to reality (Global GDP contraction, probable second wave of Covid19, massive escalation of US China tensions, mass unemployment etc etc) then we're going to see a big influx into the USD once again. CB's are of course distorting most markets at the moment but none the less I just cant get onboard with the idea that were done with this and its time for everyone to hop on the Gravy Train again. I feel the CAD is particularly exposed here with an economy that massively dependent on a stable housing and oil market. I'm not much of a tech trader but I like an entry here at the bottom of the flag where the 100 DMA intersects. If the USD continues to weaken I'll revisit the trade at the 200 DMA currently @134.500

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.