Trading volatile, but underlying tone positive for USDCAD
Although early European trading saw some gains, after Asian profit taking, the upside proved limited yesterday. The bulk of the day’s trading was volatile, but it was trendless and a sequence of four positive daily performances has ended.
The USDCAD remains near the top of a rising Keltner channel however. Most of yesterday's downside was regained into the close, to emphasise the underlying tone. With this in the background, and despite modest losses in Asia, the underlying tone remains positive.
Management and risk description
A move to 1.2715 means the stop can be raised to break even.
Entry: 1.2680/85 area and dip to 1.2663
Stop: 1.2638 offered
Target: 1.2715, 1.2744 and 1.2769
Time horizon: Intraday on Friday July 10
Sequence winds up
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– Edited by Robert Ryan
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