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Usdcadidea

USDCAD in the bull run??USDCAD is consolidating between 1.2260 & 1.25. 1.25 level is a Resistance, which is also a major round figure that a lot of people will be paying close attention to. If we can clear the 1.25 level, it is very likely that we could go looking towards the 1.26 level. An impulsive bullish move just waiting to happen. You can buy low and sell high within the consolidation. Most longer-term traders will take a careful look at the market as an uptrend if we can break above the 1.26 level, and we are getting near to that happening. If the crude oil market go into a bear market, that might be enough to make it happen. Nonetheless, the US dollar has been strengthening for some time, even as oil prices have risen, so it does not necessarily have to play out that way. With that being said, there is always the negative possibility as well. If price break below demand level then I think the market probably will go towards the 1.20 level, a level of massive support. I'll be glad if you give a like, comment & share.
Long
by DontStopTrading
1
Usd/Cad : 1.1900-1.1830 level support test is likely Pair is trading inside the 1.4700- 1.1930 level since the past 6 years as the price is mostly moving based on the crude oil price . As of now , its heading towards the 1.19xx major support and likely to drop 100-150 pips below since the probability of stop loss cluster around that area is very high. On the other side , crude oil is showing weakness around 67 level and traded inside the 63-67 range since many days, indicating price likely to test around the 57 handle for short term. Hence, for Usd/Cad , better is to split the long positions near and below the major support Long position #1 : 1.1930 Long position #2 : 1.1800-1930 Long position #3 : Below 1.1800 ( If there is any Machine initiated so called fat finger error )
Long
by UnknownUnicorn13514545