USDCAD: Weakness in oil overdone?

USDCAD
Timeframe: 1D
Direction: Short

Confluences for Trade:
- Price action at top of Resistance line of Parallel Channel
- Widening of EMA
- Stochastic Overbought momentum (W1, D1 & H4)
- Fundamentally, market is starting to expect FED to be more dovish in their hiking path, and may steer USD weakness. Global demand is weaker which has affected oil prices but the move seems extreme.

Suggested Trade:
Entry @ Area of Interest 1.3440 - 1.3500
SL: 1.3521
TP: 1.3252
RR: Approx. 3.56 (Depending on Entry Level)


May the pips move in our favor! Good luck! :D

*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.

Trade active

Trade closed: stop reached

Trade active:

Reentering trade as setup is still valid.

Adjust SL levels to 1.3607
and move TP levels to 1.3192

Comment:

Trade was reentered again.

Lock in half profits and move SL to BE. Run the remaining position totally risk free.

Trade closed: target reached