USDCAD 10/5/2020 (MIDAZ TRADING STRATEGIES)

USDCAD

Last week Short call on this pair was right.

CAD data release last week was good, due to oil price recovery.
Recent weakening on the dollar pushes the pair lower, which we deem as temporary.

On the weekly chart , we spotted a Bearish triangle formed.
On the 4hr chart, Stochastic did played out well, but we see lower highs when pair did a double top!
On FIBO view, prices fluctuated below the 50% mark. which means there are no bullish momentum at this moment.

Opportunities:
Buy short term to 'blue' weekly downtrend supply zone. Then change position to short (ST)