Technical signals look bullish and USDCAD may retest highs
The bulk of the day on Tuesday saw USDCAD decline from last week’s peak towards the 13 day moving average. Fresh demand, though modest, above that line took the currency pair back to last Thursday's Marabuzo line.
It is the limited nature of setbacks with the Keltner channel still positive that keep our technical signals bullish, and targeting a retest of last week's highs
Management and risk description
A move to 1.2530 means the stop can be raised to break even.
Entry: Buy in 1.2500/05 area and any 1.2483 dip.
Stop: 1.2448 offered.
Target: 1.2530, 1.2557 and 1.2598.
Time horizon: Intraday, closing 1500 GMT.
Downside movement stalled
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