USDCAD goes negative, capped by key average
Trading in USDCAD was more volatile than in other major FX pairs yesterday but with only a modest net loss on the day.
But it is the failure over the last two days to break back above the 13/100 day moving average area that keeps our technical signals modestly negative despite some demand in Asia.
Management and risk description
A move to 1.2965 means the stop can be lowered to break even.
Entry: Sell in 1.2985/90 area and any rally to 1.3024.
Stop: 1.3055 bid.
Target: 1.2965, 1.2945 and 1.2920.
Time horizon: Today 1600 GMT.
— Edited by Adam Courtenay
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