Published On: Fri, Mar 3rd, 2017

Asian bounce for USDCAD underscores positive tone

InstaForex

Background

This week’s break above the 100 day moving average was extended yesterday. Thursday was the fourth up day in a row as a result, taking USDCAD to new eight-week highs and maintaining prices near the top of a positively trending daily Keltner channel.

These moves keep sentiment overbought and ripe for profit taking. Nonetheless, at present, setbacks are likely to be temporary and limited, with the market likely to continue tracking the daily Keltner channel higher.

Management and risk description

A move to 1.3410 means the stop can be raised to break even.

Parameters

Entry: Buy in 1.3380/85 area and any dip to 1.3353.

Stop: 1.3322 offered.

Target: 1.3410, 1.3439 or even 1.3474.

Time horizon: Intraday, ending 1300 GMT.

Tracking positive channel

 Powerful upside

Long-term trend

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— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
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