USDCAD is moving in a very nice downward trend pattern and considering the pattern for last year or so, it seems that this is just about the time USDCAD will end its upward trend and will once again start its downward move.
The traders agreeing with my theory will be focusing on 0.9700 level to sell USDCAD for initial targets around 0.9550 level. USDCAD might not break the 0.9550 level in the first dip and might bounce back and then make another attempt and break towards 0.9450 level.
The traders who are looking to buy USDCAD at the moment should be aiming for 0.9750 level and only the break of 0.9750 will confirm the upward trend and only then all traders will agree on the long term upward trend for USDCAD.
Currently the market is between the long term and short term moving average and long term trend will be indicated once the market breaks above or below that range so keeping this thing in mind, traders should not be looking for very large profit targets till the time market really opens up its long term trend. RSI is just around 55 in daily charts and don’t seems to play much part at the moment.
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