USDCAD: Retesting Previous Setup Posted
USDCAD Timeframe: 1D
Direction: Short
Confluences for Trade:
- Upward momentum slowing
- Price at Resistance Trend-Line (since June 18)
- Stochastic Overbought momentum
- Fundamentally, Canada's data is still strong, and Canada being a commodity currency was hit when oil price fell drastically, however, our view is that oil price has stabilize around this levels and this would provide a stop from USDCAD from weakening further.
Suggested Trade:
Entry @ Area of Interest 1.3200 - 1.3250
SL: 1.3318
TP: 1.3027
RR: Approx. 2.13 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Trade closed manually
Closed manually to reassess the situation as weaker global growth affects oil (a major economical factor for USDCAD).
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
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