The USD/CAD has been in a 6.85% rally since it bottomed around the 1.20 back in May and with the USD rallying after the Fed hinted at 2 rate hikes by the end of 2023 shorting here would be counter-intuitive right? Well here's the thing, this is a Canadian Dollar driven trade.
The CAD inde3x has broken out of the immediate bearish structure and its rally as oil prices surge from the lows after the OPEC announcement on driven higher weekly outputs.
Watch this video and see the full rationale behind this trade idea.
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