Strifor || USDCAD-12/04/2024
Preferred direction: SELL
Comment: The US dollar continues to strengthen before the weekend, but there is a high probability of a downward correction beginning, and this concerns all major currency pairs.
The Canadian dollar has one of the most interesting buying setups against the US dollar. The price is trading slightly above trend resistance, and it is unlikely that we will see continued growth. Although this probability remains, in this case we have scenario №2, where growth may still be towards the level of 1.37500. But it should also be noted in favor of scenario №1 that most of the sellers have already been liquidated, and the instrument is more ready to fall towards the designated target at the level of 1.36500.
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Comment: The US dollar continues to strengthen before the weekend, but there is a high probability of a downward correction beginning, and this concerns all major currency pairs.
The Canadian dollar has one of the most interesting buying setups against the US dollar. The price is trading slightly above trend resistance, and it is unlikely that we will see continued growth. Although this probability remains, in this case we have scenario №2, where growth may still be towards the level of 1.37500. But it should also be noted in favor of scenario №1 that most of the sellers have already been liquidated, and the instrument is more ready to fall towards the designated target at the level of 1.36500.
Additional comments on this trade will be provided as situation changes. Follow us!
Thank you for like and share your views!
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