USDCAD appears oversold

FX:USDCAD   U.S. Dollar / Canadian Dollar
The Congestion Opportunities Strategy has just bought USDCAD at 1.32958. The system recommends entering this trade at any price between 1.32776 and 1.3314. The signal was issued because the 28-hour Relative Strength Index indicates that the USDCAD may be oversold, while the Speculative Sentiment Index reading of -1.41476 indicates that trader sentiment is not at extremes.The 14-period Average True Range on a daily chart is 0.0073, so the stop loss has been set at 1.32228. This stop loss order is a trailing stop that will move up as the market moves up. There is no profit target for this strategy. We expect to be closed by the stop loss.Congestion Opportunities is a range trading strategy that aims to sell overbought currency pairs and to buy oversold currency pairs. The strategy will only trade when the Speculative Sentiment Index for that currency pair is between -1.5 and +1.5. Limiting range trading in this way has shown in the past to significantly raise the probability of successful range trades.

Signal ID: 61046
Time Issued: Monday, 07 January 2019 17:00:16 GMT
Status: open
Entry: 1.32776 - 1.3314
Limit: N/A
Stop Loss: 1.32228

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.58% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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