USDCAD: Buying setbacks after poor Asian trade
Friday’s strong move higher took USDCAD back above the 13 Day Moving Average.
This left our weekly outlook positive - and after initial downside was rejected - Monday prices moved modestly higher.
Our first upside target has been met and although the proximity of the 200 DMA introduces a note of caution and Asia saw a sharp setback in USDCAD, signals for sentiment are positive.
Management and risk description
A move above 1.3200 means the stop can be raised to break even or better.
Entry: Buy in at 1.3175/80 area and any dip to 1.3147.
Stop: 1.3117 offered.
Target: 1.3200, 1.3228 or even 1.3276.
Time horizon: Intraday, ending 4pm London time.
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