USDCAD – Positive rally incomplete
Yesterday's bullish bias was confirmed. Following Tuesday’s indecisive price action at oversold extremes, a more significant profit taking rally developed. The resulting improvement, the most positive of this month, took USDCAD to test the 13/100/20 day moving averages area. That area held despite solid net gains but while that does introduce a strong note of caution, our intraday technical studies are positive.
Management and risk description
A move to 1.2646 means the stop can be raised to break even.
Entry: Buy in 1.2615/20 area and at 1.2595
Stop: 1.2563 offered
Target: 1.2646, 1.2670 and 1.2698
Time horizon: intraday, closing 16:00 BST
— Edited by Clare MacCarthy
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