USDCAD looks like it could keep going down for the coming week.
Long-term trend is up, but it looks like it's hit the 1.2900 cap, couldn't break it, and has a solid downward day candle coming down from 1.2900.
Supporting news: Mixed NFP on 9 March with high employment change but lower earnings than expected (with an already lower forecast), relatively better CAD news with better-than-expected unemployment rate and positive (lower than expected) employment change.
MACD looks good for this trade on H4 and D1.
This trade would be 1:1 for risk:reward ratio, but may still be worth considering because it seems likely to keep going down to 1.2673 as it did before in October, November, and December 2017.
Question, though. If it comes back down below 1.2900, would you still consider this idea or would you be more cautious and avoid trading USDCAD for the time being?
JinDao_Tai
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@AlfredTang, nah,i wouldnt be looking to sell it anymore, given how strongly it bounced off that support
hallmark of a countertrend trade...looks like its gaining strength, then big reverse