USDCAD might build another leg up

The Canadian dollar continues to weaken against the US dollar amid reevaluating the FED's monetary policy expectations. Given the strong price discovery on USDCAD (it had jumped off the dynamic support of 20 and 50 moving averages for more than 3 daily volatility values), it may continue going up, after it completes the consolidation as shown in the chart.

Should the trendline be visible, it might represent a decent opportunity with low risk and extended reward. Breakout trades are usually quick and don't require a wide stop.

Remember to always manage your risk!