Sell USDCAD for 1.35300 Area
Updated
The USD has been selling off quite a bit and at the make or break for a new trend. The DXY is in a free fall currently pointing to further downside. The CAD on the other side is still bullish at the moment, oil also held the key $28 level today, which is quite important. As far as the USDCAD technicals we are testing the key level of 1.40, where a trendline is present, and the 8/21 emas. This is a great sell opportunity of 3:1 targeting the 1.352 area where I expect to hold because of the .618 fib level and trend line. I'm not a huge fan of trading the USDCAD because it's tricky, but I like my odds here.
Note
I took a 13 pip profit because I don't like how we're moving currently. I am going to post another chart with a consideration of actually going long.
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.