Greetings and welcome back!
Let’s take a look at the USD/CAD. We posted an analysis a couple weeks ago about the overall sentiment for this currency pair being bearish. Our analysis remains the same - but look for a retracement back up.
Look for a potential retracement up to the 1.0450 area, which correlates nicely with our trend line (highlighted area on chart).
After this retracement is complete, look for a nice wave to the downside.
If you’re long this pair, be sure to protect your profits.
Good luck and happy trading.
Also, if you’re going to be in Las Vegas for the Trader’s Expo in November, be sure to stop by our seminar on trading strategies. You can register for free by clicking this link.