Matt Simpson, CFTe, MSTA
CityIndex
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TECHNICAL ANALYSIS:
USDCAD: Title
H4 Candles suggest a swing high has either formed or forming and we have a decent zone of resistance around 1.2630-48 which could favour sell-limit orders (to catch any market-open spikes, for example).
As we are approaching the end of a short trading week and NFP tomorrow I would prefer to keep hold times short than usual and not go for any magnificent home run.
A break above 1.2648 confirms the end of the correction from the 1.278 highs and potential run towards 1.27 but my bias remains bearish taking into account USD price action across the board.
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