USD/CAD: Weekly
Now this is the super-duper long-term forex setup I’m looking at! USD/CAD looks poised to test the neckline of the ginormous double bottom pattern on its weekly time frame and might be due for an upside break. The pair is just a few pips shy of the actual neckline resistance around 1.3000-1.3050 and stochastic is still moving up, indicating that there’s enough bullish momentum to trigger a breakout. The 100 SMA has also recently crossed above the longer-term 200 SMA, confirming that a reversal from the previous downtrend is bound to take place. Note that the chart pattern is around 6,000 pips in height so the resulting long-term uptrend could be of the same size. Keep your eyes peeled, swing traders!
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