Strifor || USDCAD-05/03/2024
Updated
Preferred direction: SELL
Comment: Medium-term shorts continue to be relevant for the USDCAD currency pair. As we said earlier, scenario №2 is more likely and even more effective. At the moment, there is a fact of accumulation of market longs, which provides a so-called resource for a fall. Here we note the presence of a limit buyer for CAD. Also, do not forget that this week we will have a decision from the Bank of Canada on the interest rate, which of course will affect this currency pair.
The fall is currently expected towards the level of 1.35000.
Additional comments on this trade will be provided as situation changes. Follow us!
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Comment: Medium-term shorts continue to be relevant for the USDCAD currency pair. As we said earlier, scenario №2 is more likely and even more effective. At the moment, there is a fact of accumulation of market longs, which provides a so-called resource for a fall. Here we note the presence of a limit buyer for CAD. Also, do not forget that this week we will have a decision from the Bank of Canada on the interest rate, which of course will affect this currency pair.
The fall is currently expected towards the level of 1.35000.
Additional comments on this trade will be provided as situation changes. Follow us!
Thank you for like and share your views!
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Trade closed: target reached
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