USDCAD Range Continues?
Updated
Fundamental:
We've got Canadian C.P.I data coming out this Friday, expected to be higher than the previous. That might prove bullish for Canadian Dollar helping to push this pair lower.
On the other hand, we've got the much belated tax reform hoopla going on in the US, so the bill passing / not passing could add to the bullish / bearish pressure.
Technical:
Price has been in a range. Looking at the volume profile, the price has been oscillating nicely around the P.O.C (Point of Control) line in the middle of the value area. This shows a lack of any real direction - and a possible fundamental catalyst later this week in the form of the C.P.I could be enough to drive this pair back down lower.
I have a sell limit set to trigger at the top of the range. I am trading this without a stop loss, but with very low leverage.
We've got Canadian C.P.I data coming out this Friday, expected to be higher than the previous. That might prove bullish for Canadian Dollar helping to push this pair lower.
On the other hand, we've got the much belated tax reform hoopla going on in the US, so the bill passing / not passing could add to the bullish / bearish pressure.
Technical:
Price has been in a range. Looking at the volume profile, the price has been oscillating nicely around the P.O.C (Point of Control) line in the middle of the value area. This shows a lack of any real direction - and a possible fundamental catalyst later this week in the form of the C.P.I could be enough to drive this pair back down lower.
I have a sell limit set to trigger at the top of the range. I am trading this without a stop loss, but with very low leverage.
Trade closed manually
Ripped through my target, held on. 400 pip profit.
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