Forex Analysis: USDCAD

For today's Forex Analysis, we look at the USDCAD Weekly-Chart. I have mentioned some time ago that since 2012 we have been in a clean uptrend. In simplified terms, this can be seen in the fact that the price has gained considerably in value since 2012. We see that the low- and high-points in the chart could be broken up again and again. However, since the price has started a long correction at the end of 2015, the share price has not yet reached the last high point. Instead, the course is in a trend channel (green), which I have drawn with the help of the two lines. Now the course has again arrived at the bottom line of the channel.

In the Daily-Chart, you can see better how the movement inside the channel has looked. The course has tested the upper resistance line of the channel four times. But without success. The lower support line is also beeing tested for the third time. Whoever looks at this chart must understand that the Forex game can not only be pure arbitrariness and coincidence. At the bottom line of the channel I expect at least a reaction of the buyers. Whether these can push the price up to the upper resistance remains open. Currently I only look for Long Trades.