USDCAD directions for the rest of the year

2019-11-11 08:00:50

This is purely my personal opinion on USDCAD, and also my first post. If you guys see anything different or if you agree with me, feel free to leave a comment!

Prediction: Long USDCAD until the end of the year.

I have taken a look at the trends of USDCAD starting from 2006 and I have noticed a similar pattern.
At the beginning of the year, the pair usually drops. Whereas towards the end of the year, the pair rises significantly.

At the beginning of 2019, we can see a big drop of the pair. We have formed a double bottom pattern this year at around 1.30 and its currently going back up.

I personally would open a long position and close it mid January, then open a short from mid January and see where life takes me!