Confluences for Trade: - Upward momentum slowing - Price at Resistance Trend-Line (since June 18) - Stochastic Overbought momentum - Fundamentally, Canada's data is still strong, and Canada being a commodity currency was hit when oil price fell drastically, however, our view is that oil price has stabilize around this levels and this would provide a stop from USDCAD from weakening further.
Suggested Trade: Entry @ Area of Interest 1.3200 - 1.3250 SL: 1.3318 TP: 1.3027 RR: Approx. 2.13 (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 closed manually
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Closed manually to reassess the situation as weaker global growth affects oil (a major economical factor for USDCAD).