TECHNICAL
USD/CAD bounced off the 0.618 fib retracement of 1.29514 and 1.31516 and also bounced off the trendline.. 1.3025 holding as support for now.
FUNDAMENTAL
Crude oil is also falling and upside limited to 43.20. USD/CAD is inversely related to Crude, it Crude falls, the Canadian dollar falls and USD/CAD raises
PS: FOMC meeting minutes due later today, so be careful taking this trade but risking 35 pips for a 100 pips (test of 1.3150) is worth it.
Your risks are defined
USD/CAD bounced off the 0.618 fib retracement of 1.29514 and 1.31516 and also bounced off the trendline.. 1.3025 holding as support for now.
FUNDAMENTAL
Crude oil is also falling and upside limited to 43.20. USD/CAD is inversely related to Crude, it Crude falls, the Canadian dollar falls and USD/CAD raises
PS: FOMC meeting minutes due later today, so be careful taking this trade but risking 35 pips for a 100 pips (test of 1.3150) is worth it.
Your risks are defined