Trade Idea: USDCAD – Rally stalls at trend of lower highs, setback limited – looking for signals to Buy at .9966.
USDCAD - Initial selling interest was posted yesterday but buyers emerged at .9934 with follow through positive pressure resulting in USDCAD posting a bullish Outside Day. Although the rally has stalled at the trend of lower highs (from 1.0003-.9994) and there is scope for a mild correction going into this morning (AB=CD formation), the bias turns bullish once more. With these facts in mind our call today is a Bullish Bias – looking for signals to Buy at .9966 (25 pip stop). The profit targets will be: .9989, 1.0000 and 1.0036.
Support levels are: .9966, .9955 and .9939.