USDCAD in Major Weekly Range! Long Term Outlook:

8 Jan 2021

Analyzing 5-year price action cycle on USDCAD we may see that the pair is ranging.

The price is stuck in a huge horizontal trading range and now we see a steady bearish continuation.

Most likely market makers are aiming at 1.19 - 1.23 support cluster.
It is the closest strong structure and major reversal can start from that.

For now, wait and prioritize short trades.
Look for pullbacks on lower time frame for safe entries.

Do you agree with my outlook?

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