Trendfollowing Entry on USDCAD

Those who know me know that I am a huge fan of trendfollowing. The USDCAD is in a definite downtrend that has confirmed itself in no uncertain terms. It has pierced the inner trend line, and is making a break through the Ichimoku kumo (cloud), the blue shaded area. Time to put some money on this. You can see in the chart that there is an outer trend line far enough below to make it worth our while, and justify the risk/reward outlook on the trade.

Look to short this pair immediately, and trade it down to the outer trend line, possibly lower. Between oil prices rising if Saudi Arabia and OPEC follow through on slowing down oil shipments, bullish for the CAD, and President Trump’s ongoing issues and habit of making them bigger via tweets, bearish for the USD, this seems to be a great setup!

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Founder and Director of Special FX Academy, Andres is now a full time trader, mentor, and writer. In the past, Andres has held director level positions at venerable trading exchanges including New York Stock Exchange, Euronext, and Fannie Mae. Buy his Forex Trading book here!

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