USDCAD on its weekly support channel

24 Oca 2018

USDCAD is currently fighting with the ascending suport of its weekly bullish channel. Since 2012, USDCAD is rebounding on this major support. In hourly timeframe USDCAD is drawing a double bottom on the support which is a strong bullish signal. I think the bullish reversal is coming. The only problem is the possible ETE figure (but not clean on the chart) which can trigger the support break and a strong bearish trend. I have opened the BUY trade but in case the neckline of the ETE (blue line) is broken I will immediately invalid this trade.