During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
USD/CAD is capable of more
2020-01-23 • Updated
USD/CAD made big moves during the Bank of Canada’s meeting yesterday. Still, the rally may not be over yet. Canadian central bank has given the market a lot of negative fuel, so the CAD may keep losing versus the USD. This means upside for USD/CAD.
The pair has formed a bottom in the 1.2950 area earlier this month (2019 support line). This week it has made a big advance above the 200-week MA and is currently testing the 100-week line in the 1.3160 area. Another resistance is at 1.3185 (61.8% Fibonacci retracement of the November-January decline). In the short term, corrections are possible, but the declines should meet support at 1.3140 and 1.3095 offering buy opportunities at these levels. Upside targets lie in the 1.3245 and 1.3300 areas.
Trade ideas
BUY 1.3100; TP1 1.3170; TP2 1.3235; SL 1.3080
BUY 1.3195; TP 1.3235; SL 1.3180
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...