Commodities / USDCAD parallels and technical implications
The news out cited that the bond auction demand is strong that led to US dollar corrections as the reason in tonight's move.
Technical reasons on long USD/CAD:
1. The daily chart shown above shows that the price action hits the lower bound of uptrend flag patterns.
2. The 200 SMA also acts as support cluster of USD/CAD (MA 200 not shown on chart above).
Trade ideas:
Entry at market price
S/L: 1.3120
T/P: 1.330
Note that if the current price does not apply to your risk reward ratio, you guys can re-entry at better price when the market corrects.
Technical reasons on long USD/CAD:
1. The daily chart shown above shows that the price action hits the lower bound of uptrend flag patterns.
2. The 200 SMA also acts as support cluster of USD/CAD (MA 200 not shown on chart above).
Trade ideas:
Entry at market price
S/L: 1.3120
T/P: 1.330
Note that if the current price does not apply to your risk reward ratio, you guys can re-entry at better price when the market corrects.
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