USDCAD – Double Bottom in place; Bullish above 1.0134

by Admin

USDCAD – Although there was a ‘reaction’ higher from our buy trigger yesterday (1.0135) it was short-lived.
However, buyers did emerge close to Tuesday’s low trade (1.0125) resulting in USDCAD posting a double bottom formation. The bias now moves to the upside and the dip has been bought gain overnight. There is no indication that the (upward) trend is likely to reverse. In view of these facts our call today is a Bullish with a stop of 1.0134. The profit targets are 1.0180, 1.0195 and possibly 1.0235

The risk would be selling through a stop of 1.0134