Forecasts

USDCAD: Bullish bounce from below key average



Price target: 1.2998
Market price: 1.2940
Background

All of Wednesday’s downward objectives were met as Tuesday’s powerful upside rejection deepened. But the latter part of the day’s trading was a sharp rejection of the lows. This positive rebound regained all of the initial decline and, importantly, kept USDCAD above the key 13-day moving average, on a closing basis. So, this morning’s call is bullish and looking for gains to develop further.

Management and risk description

A move to 1.2976 means the stop can be raised to break even

Parameters

Entry: Buy in 1.2935/40 area and any 1.2922 dip

Stop: 1.2887 offered

Target: 1.2976, 1.2998 or even 1.3019

Time horizon: intraday, closing 16:00 London time

Bounce above key average
Bounce above Key Average
 Lows rejected
Lows Rejected
 
Long term
Long Term
 All charts from CQG


Source: www.tradingfloor.com


 

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