Sforex
Long

Loonie: Ivey PMI + Employment report in the focus.

FX:USDCAD   U.S. Dollar/Canadian Dollar
121 2 4
Next 3 incoming days is the time to watch Canada data.
Tomorrow, main focus is Ivey PMI, and Friday is unemployment report.
Like I said in the beginning of week, I continue to weight commodity currencies such Loonie and Aussie.
Last night, despite of neutral stance of RBA, and unchanged rate, Aussie, Loonie, and Kiwi were sold across the board especially vs greenback.
I think the key point is current level of commodity currencies is too high , very high and a correction is understandable.

23.6% Fib retracement is at 1.3300 : A psychic level. Loonie hasn't reached to this level yet. Current: 1.3170 strong resistance is at 1.3400 SMA200 is at there.

The most important thing is descending channel.

For 3 months, USDCAD             reacted in this descending channel I draw on the chart.

And I see Loonie seems want to break this channel.

If USDCAD             breaks this channel, marking a turning point and 1.3400 absolutely is next destination of Loonie, and it is my favorite.

My recommendattion: BUY USDCAD             to 1.3400

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waterman
8 months ago
OK. But USD tumbles across the board. So channel b/o in doubt.
Reply
waterman
8 months ago
A nice analysis. Thanks !!
Reply
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