USD/CAD - Bullish & Buy 1.3336 Dip. Stop 1.3306, Friday

Alan Collins 3cAnalysis

Contrary to yesterday's bearish call, Wednesday’s upside rejection did not deepen. Instead the 100 day mvg avg acted as a platform for buying interest that took USDCAD back to the Marabuzo line created March 29th. That point did not break but although that failure adds a note of caution, the strength of yesterday's gains, and the close above the 13 day line, places the technical focus on the topside, despite a decline from the Marabuzo line in Asia. So, this morning’s call is Cautiously Bullish from the open but leaving room to also buy a 1.3336 dip. The risk is 1.3306, Wednesday’s low, with upside targets of 1.3389, 1.3403, last week's top, and a projected 1.3434.

Around Averages

USDCAD Current Trading Positions

Sell 83%

Buy 17%

Avg Sell Price 1.3338

Avg Buy Price 1.3315

Liquidity Distribution

Author

Alan Collins

3cAnalysis

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

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