USDCAD's break of key average points lower
Although bought at higher levels for a fourth day in a row the real story in USDCAD yesterday was a lack of clear direction for the bulk of the day.
The market remained oscillating around the 200 Day Moving Average until late trading turned upside failure into strong selling pressure that took the currency pair through the 13 DMA.
Management and risk description
A move to 1.3048 means the stop can be lowered to break even or better.
Entry: Sell in 1.3078/83 area and any 1.3099 rally.
Stop: 1.3143 bid.
Target: 1.3048, 1.3002 or even 1.2977.
Time horizon: Intraday ending, 1600 London time.
— Edited by Adam Courtenay
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