forexTrdr USDCAD- CLEAN SIMPLE BOUNCE FROM EXTREME OVERSOLD
Morning traders
On what is likely to be a slow day with Japan still out for golden holidays and most of continental Europe out for May day holidays those that are in the market are in a holding pattern for tonight's US central bank meeting. Speaking of which anyone looking to trade USD is advised to ensure their stop losses are well managed and set at appropriate levels just before the event to limit any downside or losses.
With that being said we are looking at a long on US dollar versus Canadian dollar driven by multiple technicals pointing to a likely turn up higher from current levels. The pair sold off overnight down to support levels around 1.34 where it has steadied any selling volumes have subsided. This also coincides with RSI trading around 30 which points to an oversold nature and stochastics crossing over and ticking up from an extreme oversold basis.
As above the caveat with what looks to be a great setup on our tradingview chart for a move back to 1.3450 and potentially 1.35 is the US central bank meeting later tonight.
As always comments and feedback are always appreciated from anyone in the trading community
Have a good week trading!
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
On what is likely to be a slow day with Japan still out for golden holidays and most of continental Europe out for May day holidays those that are in the market are in a holding pattern for tonight's US central bank meeting. Speaking of which anyone looking to trade USD is advised to ensure their stop losses are well managed and set at appropriate levels just before the event to limit any downside or losses.
With that being said we are looking at a long on US dollar versus Canadian dollar driven by multiple technicals pointing to a likely turn up higher from current levels. The pair sold off overnight down to support levels around 1.34 where it has steadied any selling volumes have subsided. This also coincides with RSI trading around 30 which points to an oversold nature and stochastics crossing over and ticking up from an extreme oversold basis.
As above the caveat with what looks to be a great setup on our tradingview chart for a move back to 1.3450 and potentially 1.35 is the US central bank meeting later tonight.
As always comments and feedback are always appreciated from anyone in the trading community
Have a good week trading!
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
Trade active:
Up 50 pips profit and running.
Stop loss at entry and price movements following our chart as planned
Stop loss at entry and price movements following our chart as planned
Trade closed: target reached
