- June 9, 2022
- Posted by: Tradingshot Articles
- Category: Forex
The USDCAD pair has been trading within a Channel Up since last September (2021). So far it has had three clear Higher Highs and two Higher Lows. Right now the price is very close to that Higher Lows (bottom) trend-line of the pattern and when the 1D MACD makes a Bullish Cross, it will be a confirmed buy.
The last symmetrical position for the pair was in Jan 13 – 20 2022, where the price rebounded without making a solid Higher Low. That rise reached higher than the 0.618 Fibonacci retracement level, so using that model, we are setting a medium-term target of 1.28625 on this pair.
On the other hand, be prepared to cut losses quickly if the price breaks below the Higher Lows trend-line of the Channel Down, and sell instead towards the -0.618 Fib extension (1.21750).