The USD has been selling off quite a bit and at the make or break for a new trend. The DXY is in a free fall currently pointing to further downside. The CAD on the other side is still bullish at the moment, oil also held the key $28 level today, which is quite important. As far as the USDCAD technicals we are testing the key level of 1.40, where a trendline is present, and the 8/21 emas. This is a great sell opportunity of 3:1 targeting the 1.352 area where I expect to hold because of the .618 fib level and trend line. I'm not a huge fan of trading the USDCAD because it's tricky, but I like my odds here.
Comment:
I took a 13 pip profit because I don't like how we're moving currently. I am going to post another chart with a consideration of actually going long.
