USDCAD: Averages cap and point lower
The relevance of last week's close below the 13 and 200-day moving averages has been confirmed by yesterday's stabilisation and today's Asian decline. The daily Keltner channel is also showing signs of a more negative bias and so we look for the series of lower highs to extend towards the 100-day line.
Management and risk description
A move to 1.3067 means the stop can be lowered to break even or better.
Entry: sell in 1.3095/00 area and any 1.3130 rally.
Stop: 1.3163 bid.
Target: 1.3067, 1.3048 or even 1.3000.
Time horizon: intraday.
– Edited by Gayle Bryant