The USDCAD has broken through the dark cloud and this signals more weakness for the currency pair. My worry is the low stochastic level (0.50) which usually indicates we are somewhere at the end of the trend.
The USDCAD moved lower because of OIL price, which y view is we should see $ 68/barrel again. Further, we got good channel support 1.2427.
The strategy is to BUY at 1.2487-1.2492 area, as I expect a little more down before up again. Feel free to buy earlier, but stop-loss should be 1.2400 below. The profit objective maybe near 1.2700 which is the middle range of the channel.
The USDCAD moved lower because of OIL price, which y view is we should see $ 68/barrel again. Further, we got good channel support 1.2427.
The strategy is to BUY at 1.2487-1.2492 area, as I expect a little more down before up again. Feel free to buy earlier, but stop-loss should be 1.2400 below. The profit objective maybe near 1.2700 which is the middle range of the channel.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.