The USDCAD has moved much lower over the previous few months, with the trend being solidly down. Price has fallen lower into support and now is showing signs of stalling.
The price action on this pair has formed a Bullish 2 Bar reversal, followed by a Bullish Pin Bar. This bullish price action could see price move higher, however trading against this down trend could be dangerous. The best play is probably to watch for price to move higher and then sell with the down trend.
USDCAD DAILY CHART – AUG 22