USDCAD - Temporarily Sell at 1.3085 and 1.3117 (stop 1.3149)
Early gains to new 9 month highs were in line with this week’s bullish outlook. But with USDCAD above 1.3100, and at overbought extremes, profit taking developed. The resulting setback was not a deep one but strong enough to indicate scope for a deeper, though temporary, decline. So, with caution, this morning’s call is a Sell at 1.3085 but leaving room to Sell any Rally to 1.3117. The risk is 1.3149 with an immediate target of 1.3065. A move through that point then exposes sentiment to 1.3046, yesterday's low, and 1.3004, Thursday’s Marabuzo line.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.