I know not many people may agree with me right now, but I have the USDCAD as a short in my book. Now, it is true she is being squeezed... Both by a short term downward trendline(blue) and also being squeezed up just above the 50day MA (pinkish) - I am hopeful she is going to flutter down until meeting the long term upward trendline (red) so around 1.32681. If she breaks above and closes above that blue trendline, I will likely exit and be looking for a buy as it will mean that she's bounced off the 50 day moving average as well.
I still believe she's going to continue down and break down though, mainly due to oil prices and also the fact that the USD is looking to start getting weaker soon.
I still believe she's going to continue down and break down though, mainly due to oil prices and also the fact that the USD is looking to start getting weaker soon.
"Freedom Is a State of Mind"
