USDCAD is overstretched to the upside.
On the 4H chart, it is outside 800 period Bollinger Bands.
Furthermore, there is divergence towards the 1.34 level, suggesting momentum of the upward move is slowing.
I expect a pullback on this pair, especially as oil appreciates back to the $50 level, to 1.32.
Below 1.32, strong support should be expected at 1.30.
Risks, of course, are a hawkish FOMC statement (largely priced in) and a Trump win (not priced in).
On the 4H chart, it is outside 800 period Bollinger Bands.
Furthermore, there is divergence towards the 1.34 level, suggesting momentum of the upward move is slowing.
I expect a pullback on this pair, especially as oil appreciates back to the $50 level, to 1.32.
Below 1.32, strong support should be expected at 1.30.
Risks, of course, are a hawkish FOMC statement (largely priced in) and a Trump win (not priced in).
Trade closed: target reached
Done
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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.