Will 2020 be a Breakout Year for USD/CAD?
With USMCA replacing NAFTA it leaves us to wonder what, if any, impact it could have on USD/CAD price action...
Could 2020 be the beginning of a break out or will price action be more of the same? Same being somewhat range bound over the last 14-18 months with neither the bulls nor bears really in charge.
We're not in the prediction business, rather we use precise technical analysis to set anticipated price levels and trade off of them if it suits our preferences. From a higher time frame perspective it appears that price action has been squeezing into a tight little wedge pattern from which a few things could happen.
First, a breakout to the upside could occur. Second, a breakout to the downside could occur. And third, price could just keep churning sideways as its "breakout".
Regardless, we have price levels in both up and down directions that we'll be watching and trading accordingly. Whether your style is one of a swing trader, scalper, or "sniper", there's bound to be opportunity to match your preferences on spot Forex or even on Nadex.
What is your plan for USD/CAD? We'd like to hear from you.
June 2020 Update