USDCAD - Positive Keltner channel dominates

Alan Collins 3cAnalysis

Contrary to yesterday's bearish outlook, Wednesday’s upside rejection did not deepen. Instead in muted trading investors used small losses in Asia to buy and although this month’s top was not breached, the highest close of April was posted. Despite overbought extend this price action places the technical focus firmly on the topside. So, this morning’s call is Bullish from 7am London time but leaving room to also buy a 1.2847 dip, intraday Marabuzo line. The risk is 1.2813, Tuesday’s low, with upside targets of 1.2898, this week's top, 1.2925 and 1.2944, the 3 week peak.

Above Averages

Setbacks Bought

USDCAD Current Trading Positions

Sell 25%

Buy 75%

Avg Sell Price 1.2909

Avg Buy Price 1.2772

Liquidity Distribution

Author

Alan Collins

3cAnalysis

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

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