ridethepig | USDCAD Market Commentary 12.08.2021
Updated
Looking for continuation to the downside here in USDCAD with an initial target of 1.230x, extended targets at 1.200x and stop loss at 1.260x.
Also actively looking at deploying additional positions EURUSD, GBPUSD and USDSEK with the latent USD softness. This has potential for follow through in August.
↳ Technically we are approaching key resistance levels, with support already breached, the developments imply we are not oversold. here is a lot of room to attack below, expecting an accelerated move in the coming sessions/days.
Also actively looking at deploying additional positions EURUSD, GBPUSD and USDSEK with the latent USD softness. This has potential for follow through in August.
↳ Technically we are approaching key resistance levels, with support already breached, the developments imply we are not oversold. here is a lot of room to attack below, expecting an accelerated move in the coming sessions/days.
Note
oil breaking down with Canadian snap elections not helping things here... Trudeau is very calculated, before it all goes belly up he saw a window of opportunity to grab power.Note
looks dead after the political noisy combo from Biden and Trudeau... we'll see how it plays out with the European openTrade closed: stop reached
Note
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