$USDCAD favors bearish positioning here, with stops @ 1.31797 at least. Downside to 1.29983 is 60% probable while below this stop level.
It's moving down from the most recent NFP support level that broke down a few days ago. Oil is also making higher highs at the same time, so I think this is a high probability trade, with a very well formed technical setup in this chart. Daily mode is a 10 bar level, which implies the time duration of the decline signaled today will extend for 10 trading days starting today.
Cheers,
Ivan Labrie.
It's moving down from the most recent NFP support level that broke down a few days ago. Oil is also making higher highs at the same time, so I think this is a high probability trade, with a very well formed technical setup in this chart. Daily mode is a 10 bar level, which implies the time duration of the decline signaled today will extend for 10 trading days starting today.
Cheers,
Ivan Labrie.
Trade closed manually:
Very quick 1R gain, oil rebounding, and the NFP support level held so far, risky to let this run further for now.
Comment:
Target was eventually hit, go figure.
