Targeting a mid-long term short on the USDCAD.
Fundamental
With easing of restrictions demand for safe haven currency will start to subside. With transport and production starting to amp up again will consequently see an increase in Oil demand (CAD)
Will see some tougher times than most for the US to recover post-covid
Technical
We are looking at the EMA 50 diving below the 200 EMA in a bearish trend, We see support at close to 1.38676. And a mid-term resistance level at 1.4004
Targeting a level of 1.3700-1.3400. It is a large target and will be altered pending on what time frame you allow for the trade and how it supports your risk management.
An example trade would be.
Sell stop for 1.38700
S/L- 130pips
T/P- 390pips
Fundamental
With easing of restrictions demand for safe haven currency will start to subside. With transport and production starting to amp up again will consequently see an increase in Oil demand (CAD)
Will see some tougher times than most for the US to recover post-covid
Technical
We are looking at the EMA 50 diving below the 200 EMA in a bearish trend, We see support at close to 1.38676. And a mid-term resistance level at 1.4004
Targeting a level of 1.3700-1.3400. It is a large target and will be altered pending on what time frame you allow for the trade and how it supports your risk management.
An example trade would be.
Sell stop for 1.38700
S/L- 130pips
T/P- 390pips
Note
Needed a higher stop loss to account for one more fib extension
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.
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.