The support of the 13 day mvg avg has dominated this week trading. But it has yet to translate into significant upside. Yesterday was the 2nd trading day in a row that demand was not strong enough to break above the 100 day mvg avg and 1.3200, with Thursday’s trading resulting in minimal net movement for USDCAD. This price action does not create strong signals for sentiment going into the last day of the week but gradually higher lows since Tuesday mean our call for this morning is a Buy from 7am but leaving room to also Buy any Dip to 1.3167, Asian low. The risk is 1.3135, Wednesday’s bottom, with an immediate target of 1.3209, last week's top. A move through that point then exposes sentiment to 1.3232, the top of the daily Keltner channel, and 1.3261, the 4 week Marabuzo line.
USD/CAD Current Trading Positions
Any opinions, news, research, analysis, prices, trade recommendations or other information is provided as general market commentary and for educational purposes, and does not constitute investment advice. Any statements about profits or income, expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profits or losses, and agree to hold 3CAnalysis.com and any authorized distributors of this information harmless in any and all ways. 3CAnalysis.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Forex, Futures, Stock, and/or Options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex, Futures, Stock, and/or Options markets. The information contained in these pages is neither a solicitation nor an offer to Buy/Sell Currencies, Futures, Stock, or Options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed.
Please also note that 3cAnalysis does not perform any regulated activities and does not report to any regulator.