USDCAD - Current Bear Flag - Awaiting Breakout
USDCAD is currently in a huge Bearish Trend, and has been very sensitive in light of the goings on with North Korea and potential war outbreak.
CAD has seen huge strength the last 6-8 weeks on the back of the Hawkish Tone set by the BOC and the fact they have raised interest rates.
With many economists looking at 1.22 and 1.20 as potential downside targets, USD is due some correction within the market but my Bias remains Bearish on the pair.
I will be awaiting a Break and close outside of a Flag before looking to enter a trade on this. The Bear Flag formed is currently being used as support and resistance, that is why extra confirmation is needed, further upside could bring 1.2850 as a long target but based on CAD strength this seems unlikely.
CAD has seen huge strength the last 6-8 weeks on the back of the Hawkish Tone set by the BOC and the fact they have raised interest rates.
With many economists looking at 1.22 and 1.20 as potential downside targets, USD is due some correction within the market but my Bias remains Bearish on the pair.
I will be awaiting a Break and close outside of a Flag before looking to enter a trade on this. The Bear Flag formed is currently being used as support and resistance, that is why extra confirmation is needed, further upside could bring 1.2850 as a long target but based on CAD strength this seems unlikely.
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