CAD has retraced from a strong Resistance level and price is now sitting at the support level of a rising channel. If we get a Bullish signal here, I will take a Long position targeting 1.2570 with a stop loss at 1.2480. If price is unable to break above 1.2525, then we could see price heading lower at least to 1.2470.Note
We still do not have a bullish set up & the Bears appear to be in control. Price unable to break above 1.2525 & could be preparing to break below the bull channel. A Break and Test of the channel will be a short. We do not have any convincing price action yet. Still waiting.
Note
Price unable to break above 1.2525 & broke below the Bull channel during the FOMC meeting minutes yesterday. Price could head lower to 1.2415. Sell the rallies.
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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.