USDCAD - Bullish rally incomplete, 1.2670 targeted

Alan Collins 3cAnalysis

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

Sell 62%

Buy 38%

Avg Sell Price 1.2632

Avg Buy Price 1.2860

Liquidity Distribution

Author

Alan Collins

3cAnalysis

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

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