Evidence of Institutional demand at 1.3500

Long

U.S. Dollar / Canadian Dollar (FX:USDCAD)

Updated

FX:USDCAD U.S. Dollar / Canadian Dollar

beyondta

Note the high volume demand and subsequent price move from 1.3500. Also note the lack of volume above this level during the up move. This is due to the market maker withdrawing liquidity in response to large volume demand. Expect 1.3480 - 1.3500 to be defended and look for opportunities to buy here. It has already been challenged and sharply rejected.

Comment:

TP 1 @ 1.3600 for partial profit and move stop to entry

Comment:

TP 2 @ 1.3640

Comment:

TP1 hit - stops to b/e

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.