USDCAD short after pull back - patience needed!
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Look for a pull back to this key 1.2750 area and then price to slow down and take a short position with your indicators and MACD divergence confirming.
This will take some patience as we need a USD/DXY bounce back.
Fundamentals need to back up the technical analysis. By the time we get to the favoured price it may be a different story with the 200 EMA being too far downward.
*** Aggressive trade*** Price may get to the 50% fib area of 1.2680 and then short from there. As always use your indicators and look for multiple reasons to trade and do your risk to reward ratios!
Safe trading
This will take some patience as we need a USD/DXY bounce back.
Fundamentals need to back up the technical analysis. By the time we get to the favoured price it may be a different story with the 200 EMA being too far downward.
*** Aggressive trade*** Price may get to the 50% fib area of 1.2680 and then short from there. As always use your indicators and look for multiple reasons to trade and do your risk to reward ratios!
Safe trading
Note
USD showing some bullish momentum since late last week with the DXY pushing higher - also CAD data was 'uninspiring'I will now look to the key area of 1.2942 which would be a monthly pivot area of support and resistance - the USDCAD is quickly closing on the start of this months bearish momentum so that area will be key to see what plays out for this pair!
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