USDCAD: Take profit and look to re-buy dips

Yue Wang LinoCapital

USDCAD already closed above downtrend channel and keep closed above 200 day MA.

On intraday chart, we see the uptrend is overlapped and could be counted as an abc correction.

According to my system, even closed at current level, will also generate a weekly sell signal.

Seasonal Candian Dollar strength from April to July should also be taken into account.

We suggest take profit on yesterday's long position from 1.2588 (spot 1.2663) and look to re-buy dips.

If today close below 1.2633/18, that will indicate further consolidation ahead.

Directly break recent low, will indicate the downtrend resume.

USDCAD Trade Idea:

Buy limit @ 1.2597 stop 1.2510 for 1.2717

Click on the image to enlarge

Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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