USDCAD: Slip below key average points lower
Initial gains confirmed our positive bias for Wednesday. But that upside proved limited-topping at similar levels to the two preceding days. The net result was only minor movement with prices continuing around the 13-day moving average without sustaining any significant direction. This means immediate signals for sentiment cannot be strong but our technical studies are left negative.
Management and risk description
A move to 1.3037 means the stop can be lowered to the entry point.
Entry: sell in 1.3065/70 area and any rally to 1.3092.
Stop: 1.3125 bid.
Target: 1.3037 and 1.3001.
Time horizon: intraday, ends 1600 London time.
— Edited by Gayle Bryant