USDCAD - Bearish & Sell 1.3105 Rally. Stop 1.3137

Alan Collins 3cAnalysis

Tuesday’s report highlighted underlying positive sentiment but a lack of a buy signal. That proved justified as our Buy at 1.3073 was virtually the low of the day. USDCAD still found further selling at the end of the day in a move that took prices to test the 13 day line. That important point was only marginally breached but, despite minor gains in Asia, is enough to leave our intraday technical studies mildly negative. So this morning’s call is a Cautious Sell in the 1.3075/80 area but leaving room to also Sell at 1.3105. The risk is yesterday's 1.3137 top with downside objectives at 1.3040, Friday’s low, 1.3020 and 1.3000, last Thursday’s base.

Negative Break

Strong Decline

GBPUSD Current Trading Positions

Sell 75%

Buy 25%

Avg Sell Price 1.2936

Avg Buy Price 1.2718

Liquidity Distribution

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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