Long USDCAD falling wedge breakout
Fundamental:
- Oil demand outlook continues to worsen
- Virus situation in Canada showing little signs of abating
- BOC increasing asset purchases (QE), attempting to pump liquidity into the market
- Housing market feeling a lot of pressure with bleaker outlook to come
Technical:
- Falling wedge breakout with a small retest off previous resistance, highly unlikely it is a false breakout
- EMAs and MACD showing positive signals
- Looking for a long position with a longer horizon
- Oil demand outlook continues to worsen
- Virus situation in Canada showing little signs of abating
- BOC increasing asset purchases (QE), attempting to pump liquidity into the market
- Housing market feeling a lot of pressure with bleaker outlook to come
Technical:
- Falling wedge breakout with a small retest off previous resistance, highly unlikely it is a false breakout
- EMAs and MACD showing positive signals
- Looking for a long position with a longer horizon