USDCAD, Bullish & Buy 1.2817 Dip. Stop 1.2787, Wednesday

Alan Collins 3cAnalysis

Our first downside target was met yesterday But that downside stalled at similar levels to the last 2 weeks and, once again, buyers took USDCAD back to the 13 day mvg avg. This continues a lack of follow through in either direction that has been the mark of the last 4 weeks trading. Naturally this does not create strong signals for sentiment going into Wednesday but with Asia attracting buyers our signals are positive despite the concerns of the proximity of Monday’s Marabuzo line. So, allowing for a reaction to the Asian move, this morning’s call is Buy at 1.2848 but leaving room to also buy a 1.2817 dip, Asia’s open. The risk is 1.2787, Tuesday’s open, with upside targets of 1.2867, 1.2891 or even last week's 1.2925 top.

Around Key Average

Lows Rejected

USDCAD Current Trading Positions

Sell 38%

Buy 62%

Avg Sell Price 1.2816

Avg Buy Price 1.2776

Liquidity Distribution

Author

Alan Collins

3cAnalysis

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

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