I do like this chart a lot, weekly is oversold and sitting at a long term support level from the quarterly chart. A rebound in 
USDCAD in the order of 500 pips higher is possible.
The seek for yield in a world with low or even negative rates makes this a fundamentally sound idea as well. Recently some racism related scandals came to light surrounding politicians of most parties in Canada, but the real reason for
CAD weakening is possibly related to oil losing relevance as we gradually transition to renewable energy sources, in the very long term. Probably safe to buy oversold dips going forward. You could probably borrow CAD to long $TSLA...
Best of luck,
Ivan Labrie.
USDCAD in the order of 500 pips higher is possible.The seek for yield in a world with low or even negative rates makes this a fundamentally sound idea as well. Recently some racism related scandals came to light surrounding politicians of most parties in Canada, but the real reason for
CAD weakening is possibly related to oil losing relevance as we gradually transition to renewable energy sources, in the very long term. Probably safe to buy oversold dips going forward. You could probably borrow CAD to long $TSLA...Best of luck,
Ivan Labrie.
Trade closed manually
This surge in #USDCAD might be the start of a larger swing in the weekly, but in the short term upside is exhausted. It's quite tempting to take profits here, since we managed to get a 3 to 1 reward to risk ratio very quickly: I might buy it back on dips soon.
Note
#USDCAD might be volatile tomorrow with NFP data coming out, for now price stays below our exit, watching and waiting, it makes sense to reenter longs based on fundamentals and how oversold this pair was in the weekly timeframe: Trade active
Bot back 14 pips below my exit...If it shoots up after NFP it will hit the target in the green box or a bit higher.
Note
My stop is at break even, since I bot at the mode for the 4h chart.Entry is 1.31634 now, 2.23 lots per 100k in the account sizing, break even stop.
I will hodl until it gets stopped or until it hits 4h target by Nov 4th at 7 pm my time:
s3.amazonaws.com/tradingview/snapshots/8/8EbPHCzr.png
(GMT-3)
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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.