USDCAD Monthly - Flat Correction

11 thg 5, 2021

USDCAD

Good day.

We take a look at USDCAD pair that has been dropping now for a long number of months.

A closer look at the pair seems to show that we are in a long-term flat correction, therefore trading within a range.

It is not yet clear in which direction this pair will breakout, but for now it seems we remain in the range.

Our bias is that we will now test the upper level of the range to either break above or form the D-Leg of this correction, meaning the bulls might just take over for the next forseeable future.

We will continue to monitor the pair to establish continued bearish movement or a bullish reversal.

Thanks and Good luck.