USDCAD Trading idea for the coming week of 12 Aug 2019

Last week the currency pair USDCAD initially rallied but then fell to form quite a negative candle. However, when we look into 4-hour timeframe, we can see a clear uptrend. In fact the pair is currently sitting at the support zone where we can potentially look for signs of support.

At this point if we can get a supportive candle such as a hammer or a bullish candle such an engulfing candle, we can possibly go long with the target shown on the chart.

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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. 

Amir is a graduate in International Economics. He has been active in the financial markets since 2014.

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