USDCAD - Overview on Weekly Timeframe

OANDA:USDCAD   美元 / 加元
On the weekly timeframe , in OANDA:USDCAD , we can clearly see that the pair has had, starting in the month of August this year, a strong impulsive movement to the downside which followed a long medium term correction. According to our view, said impulse however is still yet incomplete, giving us inspiration to find further trading opportunities to the downside. In fact, we have long closed our short positions, when we saw that the pair was going for a correction to the upside, on the daily and weekly timeframes, the reason being that at the end you don't know how long these corrections last as some of them last for months, or years. So, in terms of trading opportunities, it makes much more sense to trade into lower frames, and, as a matter of fact, we have been profitably trading the OANDA:USDCAD pair up and down (in both trading directions).
Having said that, on this timeframe, what is important to acknowledge is that the big downside impulse has yet to be completed, so at some point we will have the opportunity to take a short position that we will keep for a longer period of time, for greater profit.
Updates on smaller timeframes will follow.

If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.

Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).

Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.

Thank you for viewing.
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