As we can see, the USDCAD broke a major multi-year trendline as well as a significant low back from 2016. With that, the fall of the USDCAD could continue and reach the -27.2 fibonacci level (also significant low back from 2015) or even the -61.8 level.
Before that happens, the price could potentially pull back to the trendline/low. Although the price is in a huge downtrend, a small pullback trade might be a good chance here. This is supported by last Friday's reversal candle. Keeping the strong down momentum in mind, a small position size and a good money management is advisable.
If the price is performing a pullback, I will post another idea on how to trade the next down move.
Best of luck and have a great week!
Before that happens, the price could potentially pull back to the trendline/low. Although the price is in a huge downtrend, a small pullback trade might be a good chance here. This is supported by last Friday's reversal candle. Keeping the strong down momentum in mind, a small position size and a good money management is advisable.
If the price is performing a pullback, I will post another idea on how to trade the next down move.
Best of luck and have a great week!