The USDCAD was in a downwards channel the week ahead. This is illustrated on the hourly since early November. In the week ahead, we should be able to see another push lower as the close is quite interesting.
The last few hours of trading caused the price to rally up quite a bit. However, it looks like the session ended off with a sell off. Traders have closed in their positions. However, in which direction? Given the sharp move down, you would expect the price to rally up as sellers are now closing out their trades by buying back USD. However, the last few candles tell a different story. It looks like buyers are closing out their trades and this has led to a sell off.
Price broke out of this channel and then made an attempt to re-enter this channel. At the end, it doesn't look like it has much success. For now, it looks like the week ahead will be rather bearish. However, make sure to stay in the loop with fundamental releases as to not be caught up in the wrong side of this trade.
