USDCAD – WHAT WOULD A REGIME CHANGE LOOK LIKE AND WHERE WE ARE IN THE MACRO CYCLE.

12.31.2021

The WEEKLY chart offers a great shot of the macro cycle in USDCAD. There is a DOUBLE TOP. In addition, the move from the recent top to the recent bottom shows a level of RESISTANCE that has been tested and held, as per the dashed line. It also coincides with the 38.2% FIBO. This is all evidence that the market is LONG USD and will probably need to square up some positions.