Median line analysis and Fib ratio's indicate that USDCAD can not close higher than last weeks high. Price is on the verge of breaking an Andrew's (gray) pitchfork that dates back to 09-04 and thus about to resume it's downward slope (blue pitchfork ) that dates back to 31-01. Expect price to form a double bottom with the lows from 08-05 before going up again. Chart contains all reasoning behind this technical analysis and concrete targets and stop loss. Good luck guys
Short term I'm quite strongly long in USD/CAD, anything longer than that looks pretty neutral and the USD could just scrape it.
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May I see the analysis on which you based your bullish bias?
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All I am doing here is taking a trend trade (blue downward slope is in place since January) we tested it last week and couldn't close above it. I am taking a trade in the direction of the slope which is downward at its highest limit, we will see what happens, you might want to take a look at this idea which has a bullish bias as well. Good luck!
tradingview.com/v/0qyUHgd9/
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After taking Elliot wave into consideration, I started doubting about the validity of my own idea. Thought it is worth sharing with you
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ignore my last comment, this is how it should look like. guess this one will go down!