USDCAD – Rejects levels close to triangle top

by Admin

Need Trading Recommendations?

Recommended trading strategies in time for the London session open. Request a one-month trial!

USDCAD – Rejects levels close to triangle top; looking for signals to sell at 1.0175 with stop above 1.0195

USDCAD – A gain of 200 pips has now been posted from 1.0000, the 14th Feb base with the pair posting 5 positive daily performances in succession. However, the speed and scope of the rally has resulted in signals for sentiment being at overbought extremes, and selling has been posted close to the triangles top (from 1.6057-1.0445). Although this is bearish for medium term outlook, we are against support at 1.0158 as we write. With this in mind we look for a correction higher to get short today. The profit targets will be: 1.0157, 1.0144 and towards 1.0100

Resistance levels are: 1.0175, 1.0185 and 1.0206