USDCAD - Limited downside before a bounce
USDCAD - Intraday - We look to Buy at 1.3090 (stop at 1.3055)
Continued downward momentum from 1.3229 resulted in the pair posting net daily losses yesterday. Buying posted in Asia. The selloff has posted an exhaustion count on the intraday chart. The previous swing low is located at 1.3105. The 423.6% Fibonacci extension level of the 1.3348-1.3288 move is at 1.3095. Preferred trade is to buy on dips.
Our profit targets will be 1.3200 and 1.3240
Resistance: 1.3200 / 1.3205 / 1.3240
Support: 1.3105 / 1.3094 / 1.3050
Continued downward momentum from 1.3229 resulted in the pair posting net daily losses yesterday. Buying posted in Asia. The selloff has posted an exhaustion count on the intraday chart. The previous swing low is located at 1.3105. The 423.6% Fibonacci extension level of the 1.3348-1.3288 move is at 1.3095. Preferred trade is to buy on dips.
Our profit targets will be 1.3200 and 1.3240
Resistance: 1.3200 / 1.3205 / 1.3240
Support: 1.3105 / 1.3094 / 1.3050
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