USDCAD Daily Chart Analysis: Further drop likely
Last week after the BOC Interest Rate decision, I publish an idea on the Weekly Chart where I advised selling the spike.
(Last week's chart)
In today's daily chart, you can see that USDCAD looks set for another decline. However, if you have not sold the spike last week, it would be better to wait before selling right away.
I would like to see a pullback to the 1.4020-1.4040 area in the hourly chart before deciding to put additional sell entries.
In my opinion, a drop to 1.38 is likely provided USDCAD doesn't break the 1.4050 area.
In today's daily chart, you can see that USDCAD looks set for another decline. However, if you have not sold the spike last week, it would be better to wait before selling right away.
I would like to see a pullback to the 1.4020-1.4040 area in the hourly chart before deciding to put additional sell entries.
In my opinion, a drop to 1.38 is likely provided USDCAD doesn't break the 1.4050 area.
