Hey, it’s me again.
It’s been another week and the markets are now stalling for the earnings season.
But we can see some weakness is created in the USD area.
Today just want to talk about USDCAD.
USD was certainly gaining alot of value over the past month but has shown weakness on a Friday night.
While the CAD is somewhat correlated with USD, it seems a bit stronger than USD. So what I saw was a test of the previous support being tested and rejected.
Looking like a good opportunity to continue shorting this pair.
But do be aware that the USD can sometimes spike back up due to US being very bullish about the market and USD.
And I believe they are trying to push to a certain value for the Dow Jones Index.
We shall see.
Cheers to your trading.