Blake Morrow’s Chart of The Day – Feb 26th 2021
The USDCAD has been in a very long downtrend trend since the Covid-19 lockdown early 2020. Since fall of 2020 the USDCAD has been in a descending wedge which is (by definition) a reversal pattern for a bounce eventually. Today, the USDCAD had a bullish outside day reversal candle off the long term post Covid-19 spike higher at 1.2474. A move above the 1.2700 level would suggest that we are going to recover back to the 1.3000 level in the coming weeks.