USDCAD: Break of average targets further downside
Selling pressure dominated USDCAD on Thursday. The resulting fall, accelerating in later trading, produced a thirrd down day in a row. Prices have now stabilised below the key 13-day average and, despite a modest bounce in Asia, sentiment is assessed as negative.
Management and risk description
A move to 1.2880 means the stop can be lowered to break even.
Entry: Sell in 1.2910/15 area.
Stop: 1.2956 bid.
Target: 1.2880, 1.2862 or even 1.2831.
Time horizon: Intraday, London 4pm time.
Three down days