USD/CAD Descending Triangle Structure (Downtrend)

FX:USDCAD   U.S. Dollar / Canadian Dollar

Look for confirmation to enter, I also advise you to facilitate this trade in a lower time frame for a better entry. Please execute with your own due diligence. The financial markets are risky, I am not responsible for any capital loss.

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Trade closed: target reached: TP 1 Achieved
i was ''tempted'' to look at weekly chart and saw that descending pennant. A break above the resistance was witnessed yesterday so i'd expect that to hold as support now to upper TL of pennant. Until then im still long :)
not a good zone to sell. i see this pair going up to 1.320 zone.
+1 Reply
DollarBuddha PRO watsonzou26
@watsonzou26, Agreed with you, but it depends on current news...

Aside from firm USD fundamentals, Canada stands to loose big-time if tariffs go into effect.
(Canada provides 16-17% of all US imported steel)

Also, Trump is (fiendishly) using tariffs as a bargaining chip for NAFTA concessions.
So... Lots of CAD entities now want USD (immediately) to hedge, thus boosting this pair.

If tariff threat turns out to be "All talk / No action",in upcoming days, then @igpromotings scenario may very likely come true.
(...although her analysis goes against some big-hitters like Canada's Scotiabank)

IMHO: Look for a stall at 1.3075 until things get sorted out...
This week's actions by Trump (and BoC rate descision) will determine future direction for the next 1-2 months.

Additional REF: https://www.fxstreet.com/news/usd-cad-outlook-remains-bullish-near-term-scotiabank-201803051430

DollarBuddha PRO DollarBuddha
Correction... "Look for a stall at 1.3000--1.3075..."
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