USDCAD - Negative turn from average points lower

Alan Collins 3cAnalysis

2 of Wednesday’s upside targets were met as Tuesday’s sharp turn in sentiment extended higher. But in volatile, late trading those 2 week highs, above 1.3100, were sharply rejected. In fact USDCAD reversed more than a big figure that that fresh decline – emphasising the relevance of the Marabuzo line – is now expected to extend. So this morning’s call is a Sell at 1.3015 but leaving room to also Sell at 1.3048. The risk is 1.3092 with downside objectives at 1.2994, 1.2962, this week's bottom, or even 1.2939, the 8 week low.

Marabuzo Line

USDCAD Current Trading Positions

Sell 62%

Buy 38%

Avg Sell Price 1.3082

Avg Buy Price 1.2961

Liquidity Distribution

Author

Alan Collins

3cAnalysis

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

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