Potential Short Opportunity for USDCAD

17 Apr 2020

USDCAD has been on a roller coaster the past 3 days as prices shot up before moving down during the last US session. It seems as a result of the downward move, the pair is now leaning towards the bearish side. We see prices trading below the 200 EMA and on the daily timeframe they have formed a series of lower highs and lower lows. If this structure continues to be respected, we can see a potential short opportunity for UC. If everything plays out well, we can even see a stronger move down to close the gap it formed on 9th March but never closed yet.

Let us see and hope we catch ourselves a winner !