Of course it is a bear flag on the weekly and it's taking an incredibly long time to break. Will it break down? Nobody really knows since usdcad is smacked between a strong dollar and crude that wants to go up but cannot.
Sometimes needs to change. Otherwise, it will continue ranging. I hoe for another long term trend and 2017 might not bring it with volatility.
I expect, but not depend, on the reality that OPEC members will be unable to hold back production. I remind myself of the 70's embargo that brought them together and know they could be that strong. Nobody knows. Time will tell.
I am bullish DXY because the 50sma and 200sma on its monthly chart tell me it is bullish for the longer term.
For now, I can only scalp usdcad, one of my favorite pairs.
will the existing channel become the new trend line on monthly chart?