Last May we've hit a multi-year low (since 2017). After that FED has taken measure to start the recovery and bring US-CANADA trade balance back to equilibrium. Around January 2022, we've formed a lower boundary of the current range which has held in April as well. Later this May USD/CAD started a rally to "break free" out of this range. This attempt at first seemed successful; however, has rapidly fallen under bearish pressure. After our last bullish idea on TV (resulting in positive 400 pips, which we would love to congratulate traders who had the same bias), we've now hit the top of our range once again. So far we can note some minor signs of reversal; however, the trade isn't high-probability until we receive further confirmations in form of closures.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.