Hi guys, a few thoughts about USDCAD. I have reached my target 1.28, long positions were closed. I still see this pair bullish in mid-long term, but for now I think we will go to supply zone around 1.265-1.26. Also, we could break down to 1.25-1.243, but it is less likely. I have opened some short positions, however I'm planning to buy this pair aggressively at 1.26. I think, next 7 days we will drift between 1.28-1.26 due to lack of significant economical data, until FOMC statement, main drivers for this pair will be USOIL and COVID. USOIL is likely to find its buyers around $61.5-$60 and COVID news does not have significant effect on this pair lately (but of course it could change anytime).
Anyway, I think we are heading to 1.30 sooner or later and I'm not planning to have large short positions for this pair.
Good luck!
Anyway, I think we are heading to 1.30 sooner or later and I'm not planning to have large short positions for this pair.
Good luck!
Trade active:
What a beautiful unexpected gift from market manipulation! I opened few more short positions and now just waiting for pull back. As of today I adjusted my strategy a little bit, having a several good short positions as a hedge for my planned aggressive longing, I will start to open long positions earlier. For now I anticipate market pull back to 1.275 area (this will be my first long position) and we can possibly go to 1.265-1.26 area, if DXY will retrace and USOIL go up to the $65-$66 area (this is my second entrance for long). In this scenario, when I expect more pressure to upside for this pair and there is no more short opportunities for me untilthis pair reach 1.30.
Good luck!
Good luck!
