Selling USDCAD on Strong Oil Data
Updated
Oil has recently risen. This helps the Canadian Dollar. USD has been week due to weaker than expected data on Friday.Hoping for a retracement and then riding the price down to 1.3600. Once there there is a tough choice. To sell, or to keep going. It depends on OPEC and oil prices. 1.36 is a Strong psychological level, it my be tough to break through.
1.3650 is a good entry point. It is a previous low and it is the 38.2% fib retracement level. That being said it might be a bit deep for a retracement, but that also makes it less risky.
1.3600 or slightly above it is the target.
1.3690 is the S/L. This is slightly above a Support/Resistance level.
1.3650 is a good entry point. It is a previous low and it is the 38.2% fib retracement level. That being said it might be a bit deep for a retracement, but that also makes it less risky.
1.3600 or slightly above it is the target.
1.3690 is the S/L. This is slightly above a Support/Resistance level.
Trade closed: target reached
It hit the previous low and I closed it out
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