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USDCAD breaking out?


USDCAD breaking out?



Until farther evidence surfaces, our bias is towards the price continuing to range in the channel we drew. THis means that price will continue to move down. However, it’s been in this channel for quite some time and may break out soon, in that event we want to trade the break out as it brings us bigger price movements.

BEAR CASE
If you want to short here, give it a generous stop loss and check the price action at 1.255 (bottom of the channel), if it breaks down, take the trade.

BULL CASE
If it breaks the top of the band, 1.275 is our target.



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