USD CAD
1.2820/2840 area provides demand stopping the move down from 1.32
There has been a quick move towards the 1.28 to reach as low as 1.2770 but price was quickly rejected
zooming IN, I see there's a clear attempt to hold the support with a 2 days consolidation above the 2820-2840
Important key level becomes the 1.2800 (monday's POC)
The instrument is highly correlated with OIL. If OIL will go lower and breake the 90 key level (probable for what I see) there will certainly be a push up in USD CAD to approach 1.29
Today + tomorrow there are important data both for USD and CAD.
If everything correlates (OIL down + USD stronger or stable + CAD weaker) we'll see this price 300pips higher by the end of the week.
On the other side, in case of failure of everything, price could move far lower to approach 1.26 and 1.25 areas
SO
I bought it 1.2840 with a tight stop 1.2790 and target 1.31
A small position to be increased step by step IF and WHEN fundamentals correlate.
1.2820/2840 area provides demand stopping the move down from 1.32
There has been a quick move towards the 1.28 to reach as low as 1.2770 but price was quickly rejected
zooming IN, I see there's a clear attempt to hold the support with a 2 days consolidation above the 2820-2840
Important key level becomes the 1.2800 (monday's POC)
The instrument is highly correlated with OIL. If OIL will go lower and breake the 90 key level (probable for what I see) there will certainly be a push up in USD CAD to approach 1.29
Today + tomorrow there are important data both for USD and CAD.
If everything correlates (OIL down + USD stronger or stable + CAD weaker) we'll see this price 300pips higher by the end of the week.
On the other side, in case of failure of everything, price could move far lower to approach 1.26 and 1.25 areas
SO
I bought it 1.2840 with a tight stop 1.2790 and target 1.31
A small position to be increased step by step IF and WHEN fundamentals correlate.
Yesterday was the past
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