USDCAD - Bullish rally incomplete, 1.2670 targeted
|Yesterday's bullish forecast was confirmed. Following Tuesday’s indecisive price action at oversold extremes, a more significant profit taking rally developed. The resulting improvement, the most positive of this month, took USDCAD to test the 13/100/20 day mvg avg area. That area held despite solid net gains but while that does introduce a strong note of caution, our intraday technical studies are positive. So, this morning’s call is Bullish from the open but leaving room to also buy a 1.2595 dip. The risk is 1.2563 with upside targets of 1.2646, Asia’s high, 1.2670, the 13 day mvg avg, or even an overshoot to 1.2698, April 10th open.
USDCAD Current Trading Positions
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