USDCAD trading idea for the week of 11 September 2017

Bank of Canada surprised the markets on Wednesday, 6 September. As a result of that USDCAD sliced down through an established weekly uptrend line.

USDCAD Weekly

At this point, selling the rallies is the way to go. Any exhaustive candle formed after a rally is an opportunity to sell, unless the pair can go back above the mentioned uptrend line again, which is far fetched at this moment. 1.20 is a psychological support level, a break below it could send the pair further down to 1.18 level and even to 1.15 level.

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