USDCAD supported by averages, sentiment points higher
Monday's buying from the 13-day moving average extended, confirming yesterday's, and this week's, bullish bias. Gains of more than a big figure took USDCAD to the most bullish levels traded for seven weeks and to test a Marabuzo line created seven weeks ago. That point held and with intraday signals for sentiment overbought, there is scope for profit taking. Nonetheless the underlying bias remains positive and we look for the currency pair to track the Keltner channel above 1.3000.
Management and risk description
A move to 1.2973 means the stop can be raised to break even.
Entry: Buy in 1.2945/50 area and a 1.2923 dip
Stop: 1.2893 offered
Target: 1.2973, 1.2998 and 1.3022
Time horizon: intraday, closing 15:00 GMT
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