USDCAD | New perspective

It is important to note here how the price of crude oil is directly proportional to the value of the Canadian Dollar and if we take into consideration the OPEC+ decision a couple of weeks ago to cut down production by 2 million barrels per day; the likelihood of soaring oil price remains inevitable. The consumption of crude oil has remained steady despite consumers struggling with soaring inflation and I am of the opinion that the effect of these events will begin taking its toll on USDCAD as we witnessed multiple rejections of the C$1.4000 level in the last couple of weeks by the sellers. Will there be a sell momentum in the meantime this week?


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Past performance is not necessarily indicative of future results.

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Still monitoring price action

Good morning

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UPDATE

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Still waiting for selling pressure

Good morning

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Selling pressure persist

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UPDATE

90pips in profit; securing the sell position and lets see if the market will present an opportunity to add more position to the existing trade.

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UPDATE
Over 110pips in profit as price action moves as expected. Securing position is important

Good morning

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Sorry, It escaped my mind that I didn't upload the follow-up detail here (please note that this was discussed during our live session - upload on my youtub)The second position triggered at the retest of the C$1.36000 and if a breakdown/retest of the C$1.351000 level.

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Move stop-loss accordingly to protect the current position against sudden reversal as we begin to notice buying traction for the US Dollar.

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We still anticipate a breakdown/retest of the C$1.35100 level to add a position.
Good morning

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The sell limit triggered at the 1.36000 level... Look out for a breakdown/retest of the 1.35100 level to add another position.

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Ensured stoploss is moved to break even as buying pressure is observed from the C$1.135100 in the last 48 hours hence if a breakout/retest of the C$1.36000, the option for buying increases. It is worth noting here that if a breakdown of the C$1.35100 level happens selling opportunities remain valid.

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Finally taken out of the sell position as the price is currently around the C$1.36000 level where buying opportunities gradually surface.