USDCAD - tracking Keltner Channel higher
Friday’s indecisive price action was followed by a renewal of demand Monday. Gains were minor, after the highs were firmly rejected, but were enough to keep USDCAD tracking the upper band of a positive Keltner Channel. With this in the background, despite weak signals further upside is expected to develop.
Management and risk description
A move above 1.3185 means the stop can be raised to break even
Entry: Buy in 1.3155/60 area and dip to 1.3133
Stop: 1.3098 offered
Target: 1.3203 and 1.3220
Time horizon: Intraday, 1500 GMT, Tuesday, May 24.
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