Price action traders are enjoying profits made from shorting USDCAD and bulls are starting to show some fight in the crypto market.
After determining a bearish bias for the Dollar yesterday, price action traders entered short for USDCAD. USDCAD pushed higher impulsively but was able to close below last week’s higher low. This move was enough for traders to enter short and earn profits of up to +80 pips. With further Dollar weakness expected, more profits should be on the way.
After visiting briefly below $30,000, Bitcoin bulls were able to push yesterday’s daily closure above this key level. As a result, many other cryptos such as Ethereum and Doge are showing signs of bullish life. The smaller time frames still suggest a further move lower is likely as the prices have yet to break out of the downtrend.
The next move for the Dollar to resume its bullish uptrend is to clear 92.150. If this doesn’t happen, we could see last week’s bullish reversal cut short as the price will likely head lower.
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- Read yesterday’s breakdown: USDCAD Shorts As Dollar Bears Gain Momentum
