USDCAD initially fell but then rallied. We have to note that this pair had a big sell off the previous week. This resulted in the break of up trend line on the 4-hour time frame and then this week’s rally is towards the broken trend line.

Trading idea
Watch the price action around the re-test of the trend line, which also co-coincides with the resistance zone shown on the chart. Look for exhaustive candles to go short on this pair.

Recommended brokers

Disclaimer: Our analysis and forecasts given on this website are just our point of view about the market. It is not a trading signal or investment advice.