Weekly chart shows the possibility of a big long in USD/CAD
USD/CAD has been dropping relentlessly over the past few weeks.
However, the downtrend has slowed down and a reversal might be on the corner.
Price is currently at the multi-year lows near 1.2080 from where a reversal might
take place.
A long entry between 1.2050-1.2100 with SL below 1.20 and TP at 1.25 is an attractive
buy set-up provided some bullish price action happens in the lower TFs.
However, the downtrend has slowed down and a reversal might be on the corner.
Price is currently at the multi-year lows near 1.2080 from where a reversal might
take place.
A long entry between 1.2050-1.2100 with SL below 1.20 and TP at 1.25 is an attractive
buy set-up provided some bullish price action happens in the lower TFs.