USDCAD: DXY Likely To Consolidate Before Major Uptrend Resumes!
DXY is Bullish on long term, however after another upwards impulse it looks like time for consolidation has likely arrived. Here we focus on the USDCAD 4H chart, where the price seems to be loosing momentum as evident by the RSI & naked eye. The key here is to of course as always wait for the support break and then only go SHORT provided the price retraces to offer us at least 1:1 RR. Have a look at the chart for full details on this potential trading opportunity.
Keep in mind, this is just a potential short consolidation move, after which the uptrend might resume as the DXY is expected to gather strength.
Trade Safely & Cautiously. Cheers
Keep in mind, this is just a potential short consolidation move, after which the uptrend might resume as the DXY is expected to gather strength.
Trade Safely & Cautiously. Cheers
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.